Notes to SEFA
Title: NOTE A – 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: Water Sports Foundation, Inc. has elected not to use the 10% de minimis indirect cost rate for its federal programs for the year ended December 31, 2024.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Water Sports Foundation, Inc. under programs of the federal government for the year ended December 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 Schedule presents only a selected portion of the operations of Water Sports Foundation, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Water Sports Foundation, Inc.
Title: NOTE B – 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: Water Sports Foundation, Inc. has elected not to use the 10% de minimis indirect cost rate for its federal programs for the year ended December 31, 2024.
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: NOTE C – INDIRECT COST RATES
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: Water Sports Foundation, Inc. has elected not to use the 10% de minimis indirect cost rate for its federal programs for the year ended December 31, 2024.
Water Sports Foundation, Inc. has elected not to use the 10% de minimis indirect cost rate for its federal programs for the year ended December 31, 2024.