Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures are reported on the accrual basis of accounting. The Council of Aging of West Florida, Inc., did not electe to utilize the ten percent de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: Entity elected not to utilize.
The accompanying schedules of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the Council of Aging of West Florida, Inc. under programs of the federal government and the State of Florida for the year ended December 31, 2023. The information in the accompanying schedules of expenditures of federal awards and state financial assistance is presented in accordance with the requirements of Uniform Guidance and Chapter 10.650, Rules of the Auditor General. Because the schedules presents only a selected portion of the operations of Council of Aging of West Florida, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Council of Aging of West Florida, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures are reported on the accrual basis of accounting. The Council of Aging of West Florida, Inc., did not electe to utilize the ten percent de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: Entity elected not to utilize.
Expenditures reported on the accompanying schedules of expenditures of federal awards and state financial assistance are reported on the accrual basis of accounting. The Council of Aging of West Florida, Inc., did not elect to utilize the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.