Notes to SEFA
Title: NOTE 1 – NOTES TO SCHEDULE
Accounting Policies: The schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Not applicable de minimis cost rate was not used
The schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Bay County Council on Aging has elected not to use the 10 percent deminimis indirect cost rate allowed under the Uniform Guidance.
Subrecipients – During the year ended March 31, 2023, the Organization had no subrecipients.
Noncash awards – The Organization received noncash awards in the fiscal year ended March 31, 2023. The value of federal awards expended in the form of noncash assistance was $16,000 in the fiscal year ended March 31, 2023.
The Organization did not have any loans or loan guarantee programs required to be reported on the schedule of expenditures of federal awards for the fiscal year ended March 31, 2023.