Notes to SEFA
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the activity of all federal award programs of Genesee‐Livingston‐Orleans‐Wyoming Counties Chapter, NYSARC, Inc. d/b/a Arc GLOW and Affiliates (the Organizations) for the year ended December 31, 2023 and has been prepared in conformity with accounting principles generally accepted in the United States of America. The information in the 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 the Organizations, it is not intended to, and does not, present the financial position, change in net assets, or cash flows of the Organizations.
De Minimis Rate Used: N
Rate Explanation: The Auditee did not elect to use the 10% de minimis cost rate in the reporting of expenditures.
Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized fulfilling cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.