Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: 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 allowed or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: The Lord's Place, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance unless it contractually required to use the 10 percent deminimis indirect cost rate in which case it applied the 10 percent de minimis cost rate.
The purpose of the accompanying schedule of expenditures of federal awards and state financial assistance expenditures of The Lord's Place, Inc. (the Agency) for the year ended June 30, 2023 which have been financed under the various federal award programs and state financial assistance projects. The Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulatons (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, certain amounts presented in this Schedule may differ from amounts presented in the basic financial statements.
Title: Note 4 - Loan and Loan Guarantee Programs
Accounting Policies: 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 allowed or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: The Lord's Place, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance unless it contractually required to use the 10 percent deminimis indirect cost rate in which case it applied the 10 percent de minimis cost rate.
There were no loans or loan guarantee programs as of or for the year ended June 30, 2023.
Title: Note 5 - Subrecipients
Accounting Policies: 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 allowed or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: The Lord's Place, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance unless it contractually required to use the 10 percent deminimis indirect cost rate in which case it applied the 10 percent de minimis cost rate.
There were no payments to subrecipients for the year ended June 30, 2023.