Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following cost principles in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: WABS has indirect cost rates for use on federal grants and contracts. For the year ended August 31, 2022,the predetermined rates were between 8.00% and 10.00% based on total modified direct costs. WABS haselected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of WABS under programs of the federal government for the year ended August 31, 2022. Theinformation in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of WABS, it is not intended to and does not present the financial position, changes in net assets,or cash flows of WABS.