Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (a) Expenditures reported on 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.
(b) Thomaston Meadows, Inc. has elected not to use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
(c) The outstanding balance of loan and loan guarantee program at December 31, 2023 with
continuing compliance requirements which are reported as federal expenditures on the
accompanying schedule of expenditures of federal awards was $985,600.
De Minimis Rate Used: N
Rate Explanation: (b) Thomaston Meadows, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the
federal grant activity of Thomaston Meadows, Inc. and is presented on the accrual basis
of accounting. The information in this schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from
amounts presented in, or used in the preparation of, the basic financial statements.