Audit 299103

Title: BASIS OF PRESENTATION Accounting Policies: GAAP De Minimis Rate Used: N Rate Explanation: EXPLANATION NOTED IN THE SECOND NOTE The accompanying schedule of expenditures of federal awards includes the federal award activity of Aging Resources of Central Iowa (the Organization) under programs of the federal government for the 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), 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: GAAP De Minimis Rate Used: N Rate Explanation: EXPLANATION NOTED IN THE SECOND NOTE Expenditures Expenditures reported in 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. The Organization has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance for the financial statements as a whole. Several immaterial contracts require the use of the 10 percent de minimus indirect cost rate or indirect costs are not allowed by the provisions of the contract. Certain expenditures of federal funds are not separately identifiable in the accounting records of the Organization. These programs are jointly funded with Organization monies and are not required to be accumulated in the accounting records by funding source. For report purposes, the amount of federal expenditures is shown equal to the amount of federal awards received.