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 of expenditures are not allowed or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: CWCCP has elected not to utilize the 10% de minimis indirect cost rate permitted under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (“the Schedule”) includes the federal award activity of Cameron and Willacy Counties Community Projects, Inc. (“CWCCP”) under programs of the federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations 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 CWCCP, it is not intended to and does not present the financial position, changes in net assets or cash flows of CWCCP.
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 of expenditures are not allowed or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: CWCCP has elected not to utilize the 10% de minimis indirect cost rate permitted under the Uniform Guidance.
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 allowed or are limited as to reimbursement.
Title: NOTE - 3 INDIRECT COST RATE
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 of expenditures are not allowed or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: CWCCP has elected not to utilize the 10% de minimis indirect cost rate permitted under the Uniform Guidance.
CWCCP has elected not to utilize the 10% de minimis indirect cost rate permitted under the Uniform Guidance.