Title: GENERAL
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal awards programs of West Central Texas Regional Foundation (the “Foundation”), a component unit of West Central Texas Council of Governments, for the year ended September 30, 2024. The information in the SEFA is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA. Expenditures reported on the SEFA are reported on the accrual basis of accounting. The accrual basis of
accounting is described in Note 1 of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Foundation has not elected to apply the de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal awards programs of West Central Texas Regional Foundation (the “Foundation”), a component unit of West Central Texas Council of Governments, for the year ended September 30, 2024. The information in the SEFA is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA.
Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal awards programs of West Central Texas Regional Foundation (the “Foundation”), a component unit of West Central Texas Council of Governments, for the year ended September 30, 2024. The information in the SEFA is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA. Expenditures reported on the SEFA are reported on the accrual basis of accounting. The accrual basis of
accounting is described in Note 1 of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Foundation has not elected to apply the de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. The accrual basis of accounting is described in Note 1 of the basic financial statements.
Title: INDIRECT COSTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal awards programs of West Central Texas Regional Foundation (the “Foundation”), a component unit of West Central Texas Council of Governments, for the year ended September 30, 2024. The information in the SEFA is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA. Expenditures reported on the SEFA are reported on the accrual basis of accounting. The accrual basis of
accounting is described in Note 1 of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Foundation has not elected to apply the de minimis indirect cost rate as allowed under the Uniform Guidance.
The Foundation has not elected to apply the de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: PASS-THROUGH EXPENDITURES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal awards programs of West Central Texas Regional Foundation (the “Foundation”), a component unit of West Central Texas Council of Governments, for the year ended September 30, 2024. The information in the SEFA is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA. Expenditures reported on the SEFA are reported on the accrual basis of accounting. The accrual basis of
accounting is described in Note 1 of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Foundation has not elected to apply the de minimis indirect cost rate as allowed under the Uniform Guidance.
None of the expenditures presented on the SEFA were passed through to subrecipients.
Title: RECONCILIATION TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal awards programs of West Central Texas Regional Foundation (the “Foundation”), a component unit of West Central Texas Council of Governments, for the year ended September 30, 2024. The information in the SEFA is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA. Expenditures reported on the SEFA are reported on the accrual basis of accounting. The accrual basis of
accounting is described in Note 1 of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Foundation has not elected to apply the de minimis indirect cost rate as allowed under the Uniform Guidance.
A reconciliation of expenditures reported on the SEFA with grant revenues reported in the Foundation’s basic financial statements are as follows:
See notes to SEFA for chart/table.