Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Accrual basis accounting
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Bartels Lutheran Retirement Community. The information in this Schedule is presented in accordance with the requirements of 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 Bartels Lutheran Retirement Community, 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: Accrual basis accounting
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance was provided to a subrecipient.