Notes to SEFA
Title: Pass-through to Sub-recipients
Accounting Policies: Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes thefederal award activity of Lincoln under programs of the federal government for the year ended June30, 2022. The Schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of Lincoln, it is not intended to and does not present the financial position, changes in netassets, or cash flows of Lincoln.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in 2 CFR 200, Subpart E (CostPrinciples), wherein certain types of expenditures are not allowable or are limited as toreimbursement. Lincoln did not elect to use the 10% de minimis indirect cost rate allowed under theUniform Guidance.
Lincoln did not provide any federal awards to sub-recipients.
Title: Other Information
Accounting Policies: Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes thefederal award activity of Lincoln under programs of the federal government for the year ended June30, 2022. The Schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of Lincoln, it is not intended to and does not present the financial position, changes in netassets, or cash flows of Lincoln.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in 2 CFR 200, Subpart E (CostPrinciples), wherein certain types of expenditures are not allowable or are limited as toreimbursement. Lincoln did not elect to use the 10% de minimis indirect cost rate allowed under theUniform Guidance.
Lincoln did not receive federal insurance, loans, or non-cash assistance during the year ended June 30, 2022.