Notes to SEFA
Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Western Illinois Works, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the compliance requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Significant Accounting PoliciesRevenue from federal awards is recognized when the Organization has done everything necessary to establish its right to revenue and the revenue is available to pay liabilities in the current period. Expenditures of federal awards are recognized in the accounting period when the liability is incurred.
The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Non-Cash AssistanceThe Organization did not expend any federal awards in the form of non-cash assistance during the year ended June 30, 2025. In addition, the Organization had no federal insurance or loan guarantees in the current year.
Other Federal Award InformationThe Organization did not receive or administer any insurance, loans or loan guarantees during the fiscal year ended June 30, 2025.