Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule, with the exception of Provider Relief Fund distributions, are reported on the accrual basis of accounting. Such expenditures are recognized following the audit 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Provider Relief Fund distributions included in the Schedule are reported in accordance with the cash basis of accounting. The cash basis of accounting differs from GAAP primarily because revenues are recognized when received rather than earned.
De Minimis Rate Used: N
Rate Explanation: Indirect cost rates are only applied for some grants and are based solely on allowable rates established with the grantor; communicated to the Organization in the associated grant agreement.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Wedgwood Christian Services under programs of the federal government for the year ended March 31, 2023. The information in this Schedule is presented in accordance with the audit 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 Wedgwood Christian Services, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Wedgwood Christian Services.
Title: Note D - Grant Section Auditor Report
Accounting Policies: Expenditures reported on the Schedule, with the exception of Provider Relief Fund distributions, are reported on the accrual basis of accounting. Such expenditures are recognized following the audit 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Provider Relief Fund distributions included in the Schedule are reported in accordance with the cash basis of accounting. The cash basis of accounting differs from GAAP primarily because revenues are recognized when received rather than earned.
De Minimis Rate Used: N
Rate Explanation: Indirect cost rates are only applied for some grants and are based solely on allowable rates established with the grantor; communicated to the Organization in the associated grant agreement.
Management has utilized the MDE NexSys System and the Grant Auditor Report (GAR) in preparing the Schedule of Expenditures of Federal Awards.
Title: Note E - Federal Income Reconciliation
Accounting Policies: Expenditures reported on the Schedule, with the exception of Provider Relief Fund distributions, are reported on the accrual basis of accounting. Such expenditures are recognized following the audit 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Provider Relief Fund distributions included in the Schedule are reported in accordance with the cash basis of accounting. The cash basis of accounting differs from GAAP primarily because revenues are recognized when received rather than earned.
De Minimis Rate Used: N
Rate Explanation: Indirect cost rates are only applied for some grants and are based solely on allowable rates established with the grantor; communicated to the Organization in the associated grant agreement.
“See the Notes to the SEFA for chart/table”