Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to us the de miminis cost rate.
The accompanying Schedule of Expenditures of Federal and Local Awards (the “Schedule”) includes the federal grant activity of Santa Clarita Valley Committee On Aging Corporation 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 the Uniform Guidance. Because the schedule presents only a selected portion of the operations of Santa Clarita Valley Committee On Aging Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Santa Clarita Valley Committee On Aging Corporation.
Title: LOAN AND LOAN GUARANTEE
Accounting Policies: 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to us the de miminis cost rate.
Santa Clarita Valley Committee On Aging Corporation did not have any balances of loan and loan guarantee programs outstanding at June 30, 2023 for loans described in 2 CFR section 200.50(b).