Notes to SEFA
Title: 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: N
Rate Explanation: THE DE MINIMIS COST RATE IS NOT APPLICABLE TO THE AUDITEE, SINCE THEY ARE REIMBURSED A STATED COST BASED ON THE NUMBER OF MEALS PROVIDED.
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Meals on Wheels of Wake County, Inc under programs of the federal government for the year ended June 30, 2024. 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 Meals on Wheels of Wake County, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Meals on Wheels of Wake County, Inc
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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: N
Rate Explanation: THE DE MINIMIS COST RATE IS NOT APPLICABLE TO THE AUDITEE, SINCE THEY ARE REIMBURSED A STATED COST BASED ON THE NUMBER OF MEALS PROVIDED.
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.
Title: INDIRECT COST RATE
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: N
Rate Explanation: THE DE MINIMIS COST RATE IS NOT APPLICABLE TO THE AUDITEE, SINCE THEY ARE REIMBURSED A STATED COST BASED ON THE NUMBER OF MEALS PROVIDED.
Meals on Wheels of Wake County, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.