Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of WEAVE INC (the Organization) under programs of the federal government for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. 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 as to reimbursement. Assistance Listing Numbers and pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: 10% de minimus cost rate used
The accompanying schedule of expenditures of federal awards includes the federal grant activity of W.E.A.V.E. Incorporated and is presented on the accrual basis of accounting.
Title: Summary of Significant Accounting Policies
Accounting Policies: The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of WEAVE INC (the Organization) under programs of the federal government for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. 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 as to reimbursement. Assistance Listing Numbers and pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: 10% de minimus cost rate used
The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, “Audits of States, Local Governments, and Non-Profit Organizations.” Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements
Title: Indirect Cost Rate
Accounting Policies: The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of WEAVE INC (the Organization) under programs of the federal government for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. 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 as to reimbursement. Assistance Listing Numbers and pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: 10% de minimus cost rate used
The Foundation elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.