Title: A. Basis of Presentation
Accounting Policies: Expenditures reported in the SEFA are presented on the accrual basis of accounting, consistent
with the Weatherford Industrial Trust’s financial statements. Under this basis, expenditures are
recorded when the related liability is incurred, regardless of the timing of the related cash flows.
De Minimis Rate Used: N
Rate Explanation: The Weatherford Industrial Trust has elected not to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance, Section 200.414. As a result, the expenditures reported in the
SEFA do not include any indirect cost recoveries.
The accompanying Schedule of Expenditures of Federal Awards (the “SEFA”) includes the federal
award activity of Weatherford Industrial Trust under programs of the United States federal
government for the year ended December 31, 2023. The information in the SEFA is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance).
Title: B. Basis of Accounting
Accounting Policies: Expenditures reported in the SEFA are presented on the accrual basis of accounting, consistent
with the Weatherford Industrial Trust’s financial statements. Under this basis, expenditures are
recorded when the related liability is incurred, regardless of the timing of the related cash flows.
De Minimis Rate Used: N
Rate Explanation: The Weatherford Industrial Trust has elected not to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance, Section 200.414. As a result, the expenditures reported in the
SEFA do not include any indirect cost recoveries.
Expenditures reported in the SEFA are presented on the accrual basis of accounting, consistent
with the Weatherford Industrial Trust’s financial statements. Under this basis, expenditures are
recorded when the related liability is incurred, regardless of the timing of the related cash flows.
Title: C. Program Costs
Accounting Policies: Expenditures reported in the SEFA are presented on the accrual basis of accounting, consistent
with the Weatherford Industrial Trust’s financial statements. Under this basis, expenditures are
recorded when the related liability is incurred, regardless of the timing of the related cash flows.
De Minimis Rate Used: N
Rate Explanation: The Weatherford Industrial Trust has elected not to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance, Section 200.414. As a result, the expenditures reported in the
SEFA do not include any indirect cost recoveries.
The amounts shown as current year expenditures represent only the federal grant portion of
Weatherford Industrial Trust’s program costs. The total program costs, which include Weatherford
Industrial Trust’s portion of matching funds and other contributions, are greater than the amounts
reflected in the SEFA.
Title: D. Indirect Cost Rate
Accounting Policies: Expenditures reported in the SEFA are presented on the accrual basis of accounting, consistent
with the Weatherford Industrial Trust’s financial statements. Under this basis, expenditures are
recorded when the related liability is incurred, regardless of the timing of the related cash flows.
De Minimis Rate Used: N
Rate Explanation: The Weatherford Industrial Trust has elected not to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance, Section 200.414. As a result, the expenditures reported in the
SEFA do not include any indirect cost recoveries.
The Weatherford Industrial Trust has elected not to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance, Section 200.414. As a result, the expenditures reported in the
SEFA do not include any indirect cost recoveries.
Title: E. Subrecipient Activity
Accounting Policies: Expenditures reported in the SEFA are presented on the accrual basis of accounting, consistent
with the Weatherford Industrial Trust’s financial statements. Under this basis, expenditures are
recorded when the related liability is incurred, regardless of the timing of the related cash flows.
De Minimis Rate Used: N
Rate Explanation: The Weatherford Industrial Trust has elected not to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance, Section 200.414. As a result, the expenditures reported in the
SEFA do not include any indirect cost recoveries.
During the year ended December 31, 2023, the Trust acted as a subrecipient for federal funds
passed through the City of Weatherford. The Trust’s participation in the federal program, titled the
Department of Commerce Economic Adjustment Assistance Grant, was primarily for the benefit of
infrastructure improvements at the Weatherford Business and Technology Park. The Trust did not
directly receive federal funds but benefited from the enhancements and capital improvements
funded through this program.