Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual 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. Therefore, some amounts presented in this schedule may differ from amounts used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: No. The Workforce Development Board of Western Missouri, Inc. uses approved indirect costs rates and has not elected to use the 10% de minimis cost rate as covered in 2 CFR 200.4 indirect (F&A) costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Workforce Development Board of Western Missouri, Inc. under programs of the federal government for the year ended June 30, 2023. The information in this 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 the Workforce Development Board of Western Missouri, Inc., it is not intended to and does not present the financial position, changes in net position, or cash flows of the Workforce Development Board of Western Missouri, Inc.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual 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. Therefore, some amounts presented in this schedule may differ from amounts used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: No. The Workforce Development Board of Western Missouri, Inc. uses approved indirect costs rates and has not elected to use the 10% de minimis cost rate as covered in 2 CFR 200.4 indirect (F&A) costs.
Expenditures reported on the Schedule are reported on the modified accrual 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. Therefore, some amounts presented in this schedule may differ from amounts used in the preparation of the financial statements.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual 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. Therefore, some amounts presented in this schedule may differ from amounts used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: No. The Workforce Development Board of Western Missouri, Inc. uses approved indirect costs rates and has not elected to use the 10% de minimis cost rate as covered in 2 CFR 200.4 indirect (F&A) costs.
Of the federal expenditures presented in the schedule, Workforce Development Board of Western Missouri, Inc. provided federal awards to subrecipients as follows: CFDA Number Program Name
Title: INDIRECT COSTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual 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. Therefore, some amounts presented in this schedule may differ from amounts used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: No. The Workforce Development Board of Western Missouri, Inc. uses approved indirect costs rates and has not elected to use the 10% de minimis cost rate as covered in 2 CFR 200.4 indirect (F&A) costs.
The Workforce Development Board of Western Missouri, Inc. uses approved indirect costs rates and has not elected to use the 10% de minimis cost rate as covered in 2 CFR 200.4 indirect (F&A) costs.