Audit 11062

Accounting Policies: 1. Basis of Presentation The accompanying schedule of federal awards includes the federal grant activity of Area 1 Agency on Aging 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the financial statements. 2. Summary of Significant Accounting Policies Expenditures - Expenditures reported on the Schedule are reported on the 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 to reimbursement. Indirect Cost Rate - A1AA has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of Area 1 Agency on Aging, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Area 1 Agency on Aging. 3. Nonmonetary Assistance Area 1 Agency on Aging neither received nor disbursed federal awards in the form of nonmonetary assistance during the fiscal year ended June 30, 2023. De Minimis Rate Used: Y Rate Explanation: Area 1 Agency on Aging has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.