Notes to SEFA
The accompanying schedules of expenditures of federal and state awards includes the federal and state grant activity of Fox-Wolf Watershed Alliance, Inc. under programs of the federal government and Wisconsin Department of Natural Resources for the year ended December 31, 2024. The information in the schedules 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), and the State Single Audit Guidelines. Because the schedules present only a selected portion of the operations of Fox-Wolf Watershed Alliance, Inc., they are not intended to and do not present the financial position, changes in the net assets or cash flows of Fox-Wolf Watershed Alliance, Inc.
Expenditures reported on the schedules are reported on the modified accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Fox-Wolf Watershed Alliance, Inc. has elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance for some contracts.