Title: Organization and Operations
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
grant activity of the Organization. The information in this schedule is presented on the accrual basis,
which is in accordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance). Certain grant expenditures shown on the schedule reflect negative amounts
resulting from adjustments or reimbursements on grants that ended in prior years.
De Minimis Rate Used: N
Rate Explanation: World Vision has elected not to use the de minimis 10% indirect cost rate.
The accompanying compliance report and the Schedule of Expenditures of Federal Awards are based on the combined financial statements of World Vision, Inc. (WVUS) and World Vision International (WVI). These combined entities share the same mission and are referred to collectively as the “Organization” or “World Vision” unless otherwise specifically referred to elsewhere in this report. WVUS is the U.S. based support entity that provides resources to the Organization and serves as the primary recipient of United States federal awards. WVI operates as the Global Center to consolidate donations, the majority of which are received from affiliated support entities, and WVI uses those donations to carry our program activities worldwide. World Vision is a Christian humanitarian organization dedicated to helping children, families, and their communities worldwide to reach their full potential by tackling the causes of poverty and injustice. World Vision provides emergency relief and long-term community development programs, including leadership training in nearly 100 countries around the world. World Vision also educates the public on poverty – and justice-related issues and advocates on behalf of the impoverished and oppressed.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
grant activity of the Organization. The information in this schedule is presented on the accrual basis,
which is in accordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance). Certain grant expenditures shown on the schedule reflect negative amounts
resulting from adjustments or reimbursements on grants that ended in prior years.
De Minimis Rate Used: N
Rate Explanation: World Vision has elected not to use the de minimis 10% indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the Organization. The information in this schedule is presented on the accrual basis, which is in accordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Certain grant expenditures shown on the schedule reflect negative amounts resulting from adjustments or reimbursements on grants that ended in prior years.
(b) Cash Awards
Cash grant revenue is recognized in the period the Organization incurs reimbursable program expenditures. WVUS requests and receives funds from United States Agency for International Development (USAID) and other granting agencies primarily on a basis that matches the timing of expense incurral. Freight costs paid directly by WVUS and subsequently reimbursed by the federal agency are considered cash awards.
(c) Noncash Awards
The Organization receives food commodities and freight grants primarily from USAID’s Office of Food for Peace and United States Department of Agriculture (USDA). Such commodities are valued using guidelines published by USDA and USAID, as reviewed for appropriateness by the Organization. Food granted for distribution is generally expended when the commodities are delivered to the ultimate destination. Proceeds received on commodities that are monetized (sold) are initially recorded as deferred revenue and are recognized as expenditures when the proceeds are utilized for program activities. Freight costs that are paid directly by the federal agency granting the award to the shipping agent are considered noncash awards.
Title: Incident Reporting to Granting Agencies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
grant activity of the Organization. The information in this schedule is presented on the accrual basis,
which is in accordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance). Certain grant expenditures shown on the schedule reflect negative amounts
resulting from adjustments or reimbursements on grants that ended in prior years.
De Minimis Rate Used: N
Rate Explanation: World Vision has elected not to use the de minimis 10% indirect cost rate.
World Vision has anti-fraud policies that require all allegations of corruption or fraud to be reported and evaluated. If allegations are found to be credible, the incident is investigated and remediated asappropriate. Issues are also reported to funding agencies and, for USAID awards, the USAID Office of Inspector General per the requirements in 2 CFR 200.113. After investigation, World Vision credits the relevant award for any identified unallowable costs.
Title: Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
grant activity of the Organization. The information in this schedule is presented on the accrual basis,
which is in accordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance). Certain grant expenditures shown on the schedule reflect negative amounts
resulting from adjustments or reimbursements on grants that ended in prior years.
De Minimis Rate Used: N
Rate Explanation: World Vision has elected not to use the de minimis 10% indirect cost rate.
World Vision has elected not to use the de minimis 10% indirect cost rate.
Title: Acronyms
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
grant activity of the Organization. The information in this schedule is presented on the accrual basis,
which is in accordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance). Certain grant expenditures shown on the schedule reflect negative amounts
resulting from adjustments or reimbursements on grants that ended in prior years.
De Minimis Rate Used: N
Rate Explanation: World Vision has elected not to use the de minimis 10% indirect cost rate.
See Notes to the SEFA for chart/table.