Notes to SEFA
Title: NOTE 1—BASIS OF ACCOUNTING
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as Winterthur’s financial statements. Winterthur uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program.
De Minimis Rate Used: Y
Rate Explanation: Winterthur has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance, where applicable.
The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as Winterthur’s financial statements. Winterthur uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program.
Title: NOTE 2—PROGRAM COSTS
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as Winterthur’s financial statements. Winterthur uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program.
De Minimis Rate Used: Y
Rate Explanation: Winterthur has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance, where applicable.
The amounts shown as current year expenses represent only the federal grant portion of the program costs. Entire program costs, including Winterthur’s portion, may be more than shown.
Title: NOTE 3—FEDERAL INDIRECT RATE
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as Winterthur’s financial statements. Winterthur uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program.
De Minimis Rate Used: Y
Rate Explanation: Winterthur has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance, where applicable.
Winterthur has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance, where applicable.
Title: NOTE 4—ENDOWMENT AWARDS
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as Winterthur’s financial statements. Winterthur uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program.
De Minimis Rate Used: Y
Rate Explanation: Winterthur has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance, where applicable.
In accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, the cumulative balance of federal awards for endowment funds which are federally restricted are considered awards expended in each year in which the funds are still restricted. Accordingly, the cumulative balance of challenge grant funds received by Winterthur is included in the Schedule of Expenditures of Federal Awards.