Notes to SEFA
Title: NOTE A – 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 Lighthouse has not elected to use the 10 percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
The Schedules of Expenditures of Federal Awards and State Financial Assistance (the “Schedules”) represent
all of the Federal and State awards to the Lighthouse during the year ended December 31, 2023.
The information in the schedules are 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) and Chapter 10.650, Rules of the Auditor General of the State of
Florida. Because the Schedules present only a selected portion of the operation of the Lighthouse, they are not
intended to and do not present the financial position, changes in net assets, or cash flows of the Lighthouse.
Title: NOTE B – 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 Lighthouse has not elected to use the 10 percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
(1) 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.
(2) The Lighthouse has not elected to use the 10 percent de minimis indirect cost rate as allowed under
the Uniform Guidance.