Notes to SEFA
Title: Note 1. 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 the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The grant funds were needed for direct costs and there were no significant indirect costs incurred.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity
of LIFT JAX, Inc. and Subsidiaries (a not-for-profit organization) (the “Organization”) under programs of the federal
government for the year ended December 31, 2023. The information in this Schedule is presented in accordance
with the requirements of Title 2 U.S. Code of Federal Regulations (CRF) 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 Organization, it is not intended to and does not
present the financial position, changes in net assets or cash flows of the Organization. Therefore, some amounts
presented in the Schedule may differ from amounts presented in the consolidated financial statements.
Title: Note 2. Summary of Significant Accounting Policies
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 the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The grant funds were needed for direct costs and there were no significant indirect costs incurred.
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.
Title: Note 3. Indirect Cost Rate
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 the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The grant funds were needed for direct costs and there were no significant indirect costs incurred.
The Organization has elected not to use the 10% de minimus cost rate allowed under Uniform Guidance.