Audit 342499

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by Buffalo and Erie County Workforce Development Consortium, Inc. (WDC), an entity as defined in Note 1 to WDC’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental entities, are included on the Schedule of Expenditures of Federal Awards. Basis of Accounting WDC uses the accrual basis of accounting for each federal program. The amounts reported as federal expenditures were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with WDC’s financial reporting system. Indirect Costs WDC does not use the de minimis indirect cost rate permitted by the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs WDC does not use the de minimis indirect cost rate permitted by the Uniform Guidance. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by Buffalo and Erie County Workforce Development Consortium, Inc. (WDC), an entity as defined in Note 1 to WDC’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental entities, are included on the Schedule of Expenditures of Federal Awards. Basis of Accounting WDC uses the accrual basis of accounting for each federal program. The amounts reported as federal expenditures were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with WDC’s financial reporting system. Indirect Costs WDC does not use the de minimis indirect cost rate permitted by the Uniform Guidance.