Title: Note 1
Accounting Policies: Note 1 - Basis of presentation
The accompanying schedule of expenditures of federal awards includes the federal award activity of Wesley Agape House, 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 Wesley Agape House, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Wesley Agape House, Inc.
Note 2 - Summary of significant accounting policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A 122, "Cost Principles for Non-Profit Organizations" and the cost principles contained in the Uniform Guidance. Wesley Agape House, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance as it is not applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Basis of presentation
Title: Note 2
Accounting Policies: Note 1 - Basis of presentation
The accompanying schedule of expenditures of federal awards includes the federal award activity of Wesley Agape House, 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 Wesley Agape House, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Wesley Agape House, Inc.
Note 2 - Summary of significant accounting policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A 122, "Cost Principles for Non-Profit Organizations" and the cost principles contained in the Uniform Guidance. Wesley Agape House, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance as it is not applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Summary of significant accounting policies
Title: Note 3
Accounting Policies: Note 1 - Basis of presentation
The accompanying schedule of expenditures of federal awards includes the federal award activity of Wesley Agape House, 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 Wesley Agape House, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Wesley Agape House, Inc.
Note 2 - Summary of significant accounting policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A 122, "Cost Principles for Non-Profit Organizations" and the cost principles contained in the Uniform Guidance. Wesley Agape House, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance as it is not applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
U.S. Department of Housing and Urban Development loan program - See the Notes to the SEFA for chart/table