Notes to SEFA
Title: NOTE 1: 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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: MOWT has elected not to use the ten (10) percent de minimums indirect cost rate allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of MOWT under programs of the federal government for the year ended September 30, 2024. The information in this schedule is 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 portion of the operations of MOWT, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of MOWT.
MOWT has no federally funded insurance programs or loan guarantees during the year ended September 30, 2024.
Title: NOTE 3: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: MOWT has elected not to use the ten (10) percent de minimums indirect cost rate allowed under Uniform Guidance.
Amounts reported in the accompanying schedule may not agree with the amounts reported in the related federal financial reports filed with the grantor agencies because of accruals made in the schedule which will be included in future reports filed with those agencies.
Title: NOTE 4: CONTINGENT LIABILITIES
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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: MOWT has elected not to use the ten (10) percent de minimums indirect cost rate allowed under Uniform Guidance.
MOWT participates in a number of federally assisted programs. These programs are subject to financial and compliance audits by the grantors or their representatives. The purpose of these audits is to ensure compliance with conditions relating to granting of funds and other reimbursement regulations. These programs have compliance requirements, and should federal auditors discover areas of material noncompliance, those funds may be subject to refund if so determined by administrative audit review.