Notes to SEFA
Accounting Policies: (1) Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity ofBradenton VOA Living Center, Inc. and is presented on the accrual basis of accounting. The informationin this schedule is prepared 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). Therefore, some amounts presented in this schedule may differfrom amounts presented in, or used in the preparation of, the financial statements.Federal expenditures of $828,173 are comprised of $85,217 in current year expenditures and a prior yearfederal loan of $742,956, which is required to be included each year the federal government imposescompliance requirements on the program funded by the original loan.(2) Indirect Cost RateThe Project has elected not to use the 10-percent de minimis indirect cost rate allowed under the UniformGuidance.(3) SubrecipientsOf the federal expenditures presented in the Schedule, the Project provided no awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.