Title: Basis of Presentation
Accounting Policies: The SEFA is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Klamath Lake Counties Council on Aging is allowed an indirect rate of up to 10%, but does not apply an indirect rate of 10% on each request.
The Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. The information in the schedule is
presented in accordance with the requirements of the Uniform Guidance; therefore, some amounts presented in the schedule may
differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Indirect Cost Rate
Accounting Policies: The SEFA is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Klamath Lake Counties Council on Aging is allowed an indirect rate of up to 10%, but does not apply an indirect rate of 10% on each request.
Klamath Lake Counties Council On Aging are allowed an indirect rate (admin cost) of up to 10%, but does not directly apply and
request a 10% de minimis rate
Title: Federal Financial Assistance
Accounting Policies: The SEFA is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Klamath Lake Counties Council on Aging is allowed an indirect rate of up to 10%, but does not apply an indirect rate of 10% on each request.
Pursuant to Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or
indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or
direct appropriations. Accordingly, non-monetary federal assistance, including federal surplus property, is included in federal financial
assistance and, therefore, is reported on the schedule of expenditures of federal awards, if applicable. Federal financial assistance does
not include direct federal cash assistance to individuals. Solicited contracts between the state and federal government for which the
federal government procures tangible goods or services are not considered to be federal financial assistance.
Title: Major Programs
Accounting Policies: The SEFA is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Klamath Lake Counties Council on Aging is allowed an indirect rate of up to 10%, but does not apply an indirect rate of 10% on each request.
Uniform Guidance establishes criteria to be used in defining major federal financial assistance programs. Major programs for Klamath
Lake Counties Council On Aging are those programs selected for testing by the auditor using a risk-assessment model, as well as
certain minimum expenditure requirements, as outlined in Uniform Guidance. Programs with similar requirements may be grouped
into a cluster for testing purposes.
Title: Reporting Entity
Accounting Policies: The SEFA is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Klamath Lake Counties Council on Aging is allowed an indirect rate of up to 10%, but does not apply an indirect rate of 10% on each request.
The reporting entity is fully described in notes to the financial statements. The schedule includes all federal programs administered by
Klamath Lake Counties Council On Aging for the year ended June 30, 2023.