Audit 290746

Title: NOTE A – BASIS OF PRESENTATION Accounting Policies: Accrual basis of accounting De Minimis Rate Used: N Rate Explanation: The Organization did not use an indirect cost rate. The accompanying schedule of expenditures of federal awards and state financial assistance projects includes the federal and state grant activity of The Mae Volen Senior Center, Inc. d/b/a The Volen Center (the “Center”) under programs and projects of the federal and state government for the fiscal year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and Chapter 10.650, Rules of the Auditor General. Because the schedule presents only a selected portion of the operations of the Center, it is not intended to and does not present the financial position, changes in nets assets, cash flows or functional expenses of the Center.

Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Accrual basis of accounting De Minimis Rate Used: N Rate Explanation: The Organization did not use an indirect cost rate. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) 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. Additionally, it should be noted the Center did not elect to use the 10 percent de minimis indirect cost rate. Pass-through entity identifying numbers are presented where available.