Notes to SEFA
Title: NOTE 3
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) includes the federal and state award activity of Area Agency on Aging of Western Arkansas, Inc. under programs of the federal/state government for the year ended December 31, 2022. The information in this 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). Because the schedule presents only a selected portion of the operations of Area Agency on Aging of Western Arkansas, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Area Agency on Aging of Western Arkansas, Inc.
De Minimis Rate Used: N
Rate Explanation: 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 allowable or are limited as to reimbursement. Area Agency on Aging of Western Arkansas, Inc. has elected not to use the 10percent de minimis indirect cost rate allowed under the Uniform Guidance.
Medicaid revenue amounted to $1,811,140 during the year ended December 31, 2022.