Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Basis of Accounting: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized in accordance with the cost principles outlined in the Uniform Guidance and Cost Principles for Non-Profit Organizations, which specify that certain types of expenditures are not allowable or are limited in their reimbursement. Revenue Reconciliation: Federal awards programs are reported in the SWTC’s financial statements as follows: Federal Government 893,842 Total Expenditures of Federal Awards 893,842
De Minimis Rate Used: N
Rate Explanation: SWTC has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes federal grant activity of SWTC under programs of the federal government for the year ended December 31, 2024. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of SWTC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SWTC.