Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures Reported on the Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: Grants are not regular in nature for this entity. Not necessary to consider de minimis rate.
The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of Wayne County Development Alliance, Inc. under the programs of the federal and State government for the year ended June 30, 2024. The information in this SEFSA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the SEFSA presents only a selected portion of the operations of Wayne County Development Alliance, Inc., it is not intended to and does not represent the financial position, Wayne County Development Alliance, Inc., it is not intended to and does not represent the financial position, changes in net position or cash flows of Wayne County Development Alliance, Inc.
Title: Significant Accounting Policies
Accounting Policies: Expenditures Reported on the Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: Grants are not regular in nature for this entity. Not necessary to consider de minimis rate.
Expenditures reported in the SEFSA 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 reimbursements.
Title: Indirect Cost Rate
Accounting Policies: Expenditures Reported on the Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: Grants are not regular in nature for this entity. Not necessary to consider de minimis rate.
WCDA has elected not to use the 10-percent de minimis indirect cost rate as allowed under the UG.