Notes to SEFA
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lutheran Senior Services (the Organization) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the applicable 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 of expenditures of federal awards 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 position, or cash flows of the Organization.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
No funds were identified as having been provided to subrecipients by the Organization and accordingly, no funds identified in the Schedule of Expenditures of Federal Awards are attributable to subrecipient entities. There were no federal awards expended for noncash assistance or insurance. The Organization has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
Title: RECONCILIATION OF SEFA AND FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lutheran Senior Services (the Organization) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the applicable 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 of expenditures of federal awards 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 position, or cash flows of the Organization.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The financial statements reflect revenue recognized from the Provider Relief Fund of approximately $3,481,334 and $123,123 for the year ended December 31, 2022 and 2021, respectively. The SEFA includes Provider Relief Funds of $3,604,457 that were received in Period 3 and Period 4 in accordance with the requirements of the compliance supplement for assistance listing number 93.498. The financial statements reflect revenue recognized from the FEMA Public Assistance ofapproximately $1,474,678 and $295,725 for the years ended December 31, 2022 and 2021,respectively. The SEFA includes FEMA Public Assistance of $1,079,173 that were submittedand approved in accordance with the requirements of the compliance supplement forassistance listing number 97.036.