Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance)
De Minimis Rate Used: N
Rate Explanation: Auditee 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 of
Waterford Institute, Inc. (“Waterford”) under programs of the federal government for the year ended August 31, 2024. The
information in this Schedule is presented in accordance with the requirements of 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”). Because the Schedule presents only a selected portion of the operations of Waterford, it is not intended to and
does not present the financial position, changes in net assets, or cash flows of Waterford.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance)
De Minimis Rate Used: N
Rate Explanation: Auditee has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
(1) 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.
(2) Pass-through entity identifying numbers are presented where applicable.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance)
De Minimis Rate Used: N
Rate Explanation: Auditee has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Waterford has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.