Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the SEFA 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 to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Unless an indirect rate was specified in the grant agreement, the Organization elected to use the 10% de minimis indirect cost rate to recover allowable indirect costs for federal grants.
The accompanying schedule of expenditures of federal awards ("SEFA") includes the federal award activity of Wyoming Humanities Council ("Organization"), under programs of the federal government for the year ended October 31, 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 SEFA presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Organization. If the Organization is required to match certain federal assistance, as defined by the grant agreements, no such matching has been included as expenditures in the schedule.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the SEFA 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 to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Unless an indirect rate was specified in the grant agreement, the Organization elected to use the 10% de minimis indirect cost rate to recover allowable indirect costs for federal grants.
Expenditures reported on the SEFA 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 to reimbursement.
Title: INDIRECT COSTS
Accounting Policies: Expenditures reported on the SEFA 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 to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Unless an indirect rate was specified in the grant agreement, the Organization elected to use the 10% de minimis indirect cost rate to recover allowable indirect costs for federal grants.
Unless an indirect rate was specified in the grant agreement, the Organization elected to use the 10% de minimis indirect cost rate to recover allowable indirect costs for federal grants.
Title: RELATIONSHIP TO THE FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the SEFA 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 to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Unless an indirect rate was specified in the grant agreement, the Organization elected to use the 10% de minimis indirect cost rate to recover allowable indirect costs for federal grants.
The amount of total expenditures of federal awards reconciles to the revenue in the statement of activities as follows:
Total expenditures of federal awards $927,625
Government grants per statement of activities $927,625