Notes to SEFA
Accounting Policies: 1.Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant award programs of the Wateree Community Actions, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.2.ContingenciesGrant monies received and disbursed by Wateree Community Actions, Inc. are for specific purposes and are subject to review by grantor agencies. Such audits may result in request for reimbursement due to disallowed expenditures. Based on prior experience, Wateree Community Actions, Inc. does not believe that such disallowances, if any, would have a material effect on the financial position of Wateree Community Actions, Inc. as of December 31, 2022, management is not aware of any material questioned or disallowed costs as a result of grant audits in process or completed.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.