Notes to SEFA
Title: Note 1 – Basis of Accounting
Accounting Policies: This Schedule is prepared on the same basis of accounting as the Council’s financial statements. The Whatcom Council of Governments uses single-entry, cash basis accounting. Revenues are recognized when cash is received, and expenditures are recognized when paid
De Minimis Rate Used: N
Rate Explanation: The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended includes $335,551 claimed as an indirect cost recovery using an approved indirect cost rate of 76 percent. The amount expended also includes $273,739 claimed as a fringe benefit cost recovery using an approved fringe benefit cost rate of 62 percent.
This Schedule is prepared on the same basis of accounting as the Council’s financial statements. The Whatcom Council of Governments uses single-entry, cash basis accounting. Revenues are recognized when cash is received, and expenditures are recognized when paid
Title: Note 2 – Federal Indirect Cost Rate(s)
Accounting Policies: This Schedule is prepared on the same basis of accounting as the Council’s financial statements. The Whatcom Council of Governments uses single-entry, cash basis accounting. Revenues are recognized when cash is received, and expenditures are recognized when paid
De Minimis Rate Used: N
Rate Explanation: The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended includes $335,551 claimed as an indirect cost recovery using an approved indirect cost rate of 76 percent. The amount expended also includes $273,739 claimed as a fringe benefit cost recovery using an approved fringe benefit cost rate of 62 percent.
The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended includes $335,551 claimed as an indirect cost recovery using an approved indirect cost rate of 76 percent. The amount expended also includes $273,739 claimed as a fringe benefit cost recovery using an approved fringe benefit cost rate of 62 percent.
Title: Note 3 – Program Costs
Accounting Policies: This Schedule is prepared on the same basis of accounting as the Council’s financial statements. The Whatcom Council of Governments uses single-entry, cash basis accounting. Revenues are recognized when cash is received, and expenditures are recognized when paid
De Minimis Rate Used: N
Rate Explanation: The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended includes $335,551 claimed as an indirect cost recovery using an approved indirect cost rate of 76 percent. The amount expended also includes $273,739 claimed as a fringe benefit cost recovery using an approved fringe benefit cost rate of 62 percent.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the Council’s portion, are more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.