Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal and Awards are reported on the modified cash 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: Washita Valley Community Action Council has elected not to use the de minimis cost rate.
The accompanying Schedule of Federal Expenditures of Federal Awards includes the federal grant activity of Washita Valley Community Action Council (WVCAC), and is presented on the modified cash basis of accounting. This information 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 WVCAC, it is not intended to and does not present the financial position, changes in net assets or cash flows of WVCAC.
Title: CONTINGENT LIABILITIES
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal and Awards are reported on the modified cash 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: Washita Valley Community Action Council has elected not to use the de minimis cost rate.
WVCAC participates in a number of federal assisted programs. These programs are audited in accordance with Government Auditing Standards and the Uniform Guidance. Audits of prior years have not resulted in any significant disallowed costs; however, grantor agencies may provide for further examinations. Based on the prior experience, management believes that further examinations would not result in any significant disallowed costs.