Audit 308525

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: Y Rate Explanation: Senior Resources of Guilford has elected to use the 10% deminimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal and state awards (the "Schedule") includes the federal and state award activity of Senior Resources of Guilford, under programs of the federal and N.C. State governments for the year ended June 30, 2023. 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 Senior Resources of Guilford, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Senior Resources of Guilford.