Audit 351938

Title: NOTE 1 - BASIS OF PRESENTATION Accounting Policies: BASIS OF ACCOUNTING - Expenditures reported on the Schedule are presented using the accrual method of accounting. Under this method, grant revenue is recognized to the extent expenditures are incurred. Expenditures are recognized when the liability for the expenditure is incurred rather than when the disbursement is actually made. The federal expenditures are recognized, as applicable, under the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited to reimbursement. De Minimis Rate Used: N Rate Explanation: The West Central Job Partnership, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the ‘Schedule’) includes the federal grant activity administered by the West Central Job Partnership, Inc. 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 Federal Awards (Uniform Grant Guidance – UGG). Because the Schedule presents only a selected portion of the operations of the West Central Job Partnership, Inc. it is not intended to and does not present the financial position or changes in net assets of the West Central Job Partnership, Inc.

Title: NOTE 3 - RELATIONSHIP TO FINANCIAL STATEMENTS Accounting Policies: BASIS OF ACCOUNTING - Expenditures reported on the Schedule are presented using the accrual method of accounting. Under this method, grant revenue is recognized to the extent expenditures are incurred. Expenditures are recognized when the liability for the expenditure is incurred rather than when the disbursement is actually made. The federal expenditures are recognized, as applicable, under the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited to reimbursement. De Minimis Rate Used: N Rate Explanation: The West Central Job Partnership, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Federal financial award revenues are included in the financial statements as part of ‘Federal and State Grants' revenue on the Statement of Activities.