Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards (the Schedule) has been prepared on the accrual basis of accounting. The information in the Schedule 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. Federal award program amounts, as presented in the accompanying Schedule, represent expenditures or federal award payments administered by The Winifred Masterson Burke Corporation and Subsidiaries (the Organization) during the year ended December 31, 2022. NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Expenditures for direct costs are recognized as incurred using the accrual method of accounting and cost accounting principles. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures also include a portion of costs associated with general Organization activities (facilities and administrative costs), which are allocated to awards under negotiated formulas commonly referred to as indirect cost rates.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.