Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Deductions or expenditures for direct costs are recognized as incurred, using the accrual method of accounting and the cost accounting principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Milestones Area Agency on Aging has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The purpose of the Schedule of Expenditures of Federal Awards (the Schedule) is to present a summary of those activities of the Agency and its wholly owned subsidiary for the year ended June 30, 2023 which have been financed by the United States government (federal awards). For purposes of the Schedule, federal awards include all federal assistance entered into directly between the Agency and the federal government and sub-awards from nonfederal Agency’s made under federally sponsored agreements. Because the Schedule presents only a selected portion of the activities of the Agency, it is not intended to and does not present the financial position, activities, and cash flows of the Agency.
Title: Subrecipients
Accounting Policies: Deductions or expenditures for direct costs are recognized as incurred, using the accrual method of accounting and the cost accounting principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Milestones Area Agency on Aging has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no awards passed through to subrecipients.