Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: WEDC has elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
The Schedule of Expenditures of Federal Awards includes the federal award activity of WEDC. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of WEDC it is not intended to, and does not, present the financial position, changes in net position, or cash flows of WEDC. The reporting entity for WEDC is based upon criteria established by the Governmental Accounting Standards Board.
Title: Note 3 - Other Information
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: WEDC has elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
WEDC did not receive or provide any federal insurance, free rent, or noncash assistance during the year ended June 30, 2024.