Notes to SEFA
Title: Note 3 - Noncash award
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Olympic Area Agency on Agings (O3A) financial statements. O3A use the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The O3A has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amount of food vouchers reported on the Schedule is the value of $13,198 received by the O3A during current year and priced as prescribed by Washington Aging & Long-term Support Administration.
Title: Note 4 - Program costs
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Olympic Area Agency on Agings (O3A) financial statements. O3A use the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The O3A has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the O3As portion, may be more than shown. Such expenditures, as applicable, are recognized following either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.