Notes to SEFA
Title: General
Accounting Policies: Accrual basis
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the Northeast Kingdom Council on Aging, Inc.
Title: Basis of Presentaton
Accounting Policies: Accrual basis
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, as indicated in Note 1 to the Council’s financial statements. It includes the federal grant activity of Northeast Kingdom Council on Aging, Inc. under programs of the federal government for the year ended September 30, 2023. The information in the Schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only a selected portion of the operations of Northeast Kingdom Council on Aging, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Northeast Kingdom Council on Aging, Inc.
Title: Allowable and Unallowable Costs
Accounting Policies: Accrual basis
De Minimis Rate Used: N
Rate Explanation: N/A
The Council follows 2 CFR Part 200, Cost Principles for Non-Profit Organizations, which was issued to provide that federal assistance programs provided to nonprofit organizations bear their fair share of costs by defining costs that are allowable and unallowable for that assistance.
Title: Allowable and Unallowable Costs
Accounting Policies: Accrual basis
De Minimis Rate Used: N
Rate Explanation: N/A
(1)Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 2 CFR Part 200, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Allowable and Unallowable Costs
Accounting Policies: Accrual basis
De Minimis Rate Used: N
Rate Explanation: N/A
(2) Pass-through entity identifying numbers are presented where available