Notes to SEFA
The accompanying Schedule of Expenditures of Federal and State Awards includes the federal and state grant activity of Washita Valley Community Action Council (the Organization). This information 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 the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Expenditures reported on the Schedule of Expenditures of Federal and State Awards are reported on the modified cash 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.
The Organization participates in a number of federal and state assisted programs. These programs are audited in accordance with Government Auditing Standards and the Uniform Guidance. Audits of prior years have not resulted in any significant disallowed costs; however, grantor agencies may provide for further examinations. Based on prior experience, management believes that further examinations would not result in any significant disallowed costs.
The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.