Notes to SEFA
Title: 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 to reimbursement. Wonderspring has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: No rate utilized
The accompanying schedule of expenditures of federal awards presents the activities in the federal award programs of Wonderspring. All financial assistance received directly from federal agencies, as well as financial awards passed through other governmental and nonprofit agencies, are presented on the schedule of expenditures of federal awards. The information in this schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations ("CFR") Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the "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 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 to reimbursement. Wonderspring has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: No rate utilized
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 to reimbursement. Wonderspring has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
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 to reimbursement. Wonderspring has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: No rate utilized
Federal awards expenditures are reported on the statements of activities as expenses. Amounts required to be reported on the schedule of expenditures of federal awards may differ from expenses reported in the basic financial statements due to presentation differences for nongrant sources which provided support for the program
Title: LOAN OUTSTANDING
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 to reimbursement. Wonderspring has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: No rate utilized
Wonderspring had the following loan balance outstanding at June 30, 2024, which is reflected in the statements of financial position. The loan balance included in the federal expenditures presented in the schedule of expenditures of federal awards is as of July 1, 2023.