Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures in the SEFA are presented on accounting principles generally accepted in the United States of America (GAAP). Such expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the SEFA represent adjustments or credits to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: THE AUDITEE ELECTED TO USE THE DE MINIMIS COST RATE BUT DID NOT ACTUALLY USE IT FOR THE AWARDS.
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes federal award activity of the of Western Reserve Land Conservancy and Natural Areas Land Conservancy (WRLC or the Organization) 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 Audits of Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
Title: SUMMARY OF SIGNFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures in the SEFA are presented on accounting principles generally accepted in the United States of America (GAAP). Such expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the SEFA represent adjustments or credits to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: THE AUDITEE ELECTED TO USE THE DE MINIMIS COST RATE BUT DID NOT ACTUALLY USE IT FOR THE AWARDS.
Expenditures in the SEFA are presented on accounting principles generally accepted in the United States of America (GAAP). Such expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the SEFA represent adjustments or credits to amounts reported as expenditures in prior years.
Title: INDIRECT COST RATES
Accounting Policies: Expenditures in the SEFA are presented on accounting principles generally accepted in the United States of America (GAAP). Such expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the SEFA represent adjustments or credits to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: THE AUDITEE ELECTED TO USE THE DE MINIMIS COST RATE BUT DID NOT ACTUALLY USE IT FOR THE AWARDS.
The Organization has elected to use the 10 percent de minimis cost rate allowed under Uniform Guidance.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures in the SEFA are presented on accounting principles generally accepted in the United States of America (GAAP). Such expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the SEFA represent adjustments or credits to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: THE AUDITEE ELECTED TO USE THE DE MINIMIS COST RATE BUT DID NOT ACTUALLY USE IT FOR THE AWARDS.
No funds have been passed through to subrecipients.
Title: ACCOUNTING PRINCIPLES
Accounting Policies: Expenditures in the SEFA are presented on accounting principles generally accepted in the United States of America (GAAP). Such expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the SEFA represent adjustments or credits to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: THE AUDITEE ELECTED TO USE THE DE MINIMIS COST RATE BUT DID NOT ACTUALLY USE IT FOR THE AWARDS.
At times, the Organization makes expenditures towards projects that have not received commitments from all outside funding sources. When this occurs, these expenditures are accumulated towards the project until such times as the funding structure is complete. These costs may be treated as expended in the year after the funding is guaranteed.