Notes to SEFA
Accounting Policies: Note A Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofLove146, Inc. under programs of the federal government for the year ended June 30, 2022. The information is thisSchedule 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 (UniformGuidance). Because the Schedule presents only a selected portion of the operations of Love146, Inc., it is notintended to and does not present the financial position, changes in net assets, or cash flows of Love146, Inc.Note B Summary of Significant Accounting Policies1. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.2. Love146, Inc. did not use the 10 percent de minimis indirect cost rate
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.