Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: WCDC elected and did not elect to not use the 10% de minimis indirect cost rate based on specific grant
agreements as covered in section 200.414 of the Uniform Guidance for Federal Awards
The accompanying schedule of expenditures of federal awards includes the federal granting activity of
Westside Community Development Corporation and Subsidiaries (WCDC) and is presented on the accrual
basis of accounting. The information in this schedule is presented in accordance with the requirements of
Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from
amounts presented in or used in the preparation of the basic financial statements.
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: WCDC elected and did not elect to not use the 10% de minimis indirect cost rate based on specific grant
agreements as covered in section 200.414 of the Uniform Guidance for Federal Awards
Expenditures reported on the Schedule are reported on the accrual 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.
Title: Note 3 – De Minimis
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: WCDC elected and did not elect to not use the 10% de minimis indirect cost rate based on specific grant
agreements as covered in section 200.414 of the Uniform Guidance for Federal Awards
WCDC elected and did not elect to not use the 10% de minimis indirect cost rate based on specific grant
agreements as covered in section 200.414 of the Uniform Guidance for Federal Awards