Notes to SEFA
Accounting Policies: (1) Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity of LakeCity VOA Living Center, Inc. and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of, the financial statements.Federal expenditures of $1,999,919 are comprised of $74,908 in current year expenditures and a prior yearfederal loan of $1,925,011, 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.