Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Lake Country Area Agency on Aging, Inc. (“LCAAA”) under programs of the federal government for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements by the Virginia Division for the Aging and by 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 LCAAA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LCAAA.
De Minimis Rate Used: N
Rate Explanation: LCAAA has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Lake Country Area Agency on Aging, Inc. (“LCAAA”) under programs of the federal government for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements by the Virginia Division for the Aging and by 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 LCAAA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LCAAA.
Title: Summary of Significant Accounting Policy
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Lake Country Area Agency on Aging, Inc. (“LCAAA”) under programs of the federal government for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements by the Virginia Division for the Aging and by 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 LCAAA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LCAAA.
De Minimis Rate Used: N
Rate Explanation: LCAAA has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
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.
Title: Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Lake Country Area Agency on Aging, Inc. (“LCAAA”) under programs of the federal government for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements by the Virginia Division for the Aging and by 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 LCAAA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LCAAA.
De Minimis Rate Used: N
Rate Explanation: LCAAA has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
LCAAA has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Lake Country Area Agency on Aging, Inc. (“LCAAA”) under programs of the federal government for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements by the Virginia Division for the Aging and by 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 LCAAA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LCAAA.
De Minimis Rate Used: N
Rate Explanation: LCAAA has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
No awards passed through to subrecipients.