Notes to SEFA
Accounting Policies: A. BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the “Schedule”) includes the federal and state grant activity of Martha O’Bryan Center, Inc. and Affiliate (collectively the “Center”). The information in the 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”) and the State of Tennessee. Because the Schedule presents only a selected portion of the operations of the Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Center.
B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
For purposes of the Schedule, expenditures of federal and state grant awards are recognized 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 as to reimbursement.
The Center did not expend any Federal or State awards during fiscal year 2023 in the form of non-cash assistance.
The Center elected to not use the 10% deminimus indirect cost rate. The Center did not provide any funds to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate