Title: Basis of Presentation
Accounting Policies: The Schedule is presented using the accrual basis of accounting, whereby eligible grant expenditures are recorded when incurred (i.e., when goods are received, or services provided). Such expenditures are recognized following the cost principles in Uniform Guidance wherein certain types of expenditures are not allowable or limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amount reported as expenditures in prior years. Lone Star Circle of Care has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Lone Star Circle of Care has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Lone Star Circle of Care (the Organization) under programs of the federal government for the year ended November 30, 2023. The information in this Schedule is presented in accordance with the requirements of the 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 the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Title: Use of Estimates
Accounting Policies: The Schedule is presented using the accrual basis of accounting, whereby eligible grant expenditures are recorded when incurred (i.e., when goods are received, or services provided). Such expenditures are recognized following the cost principles in Uniform Guidance wherein certain types of expenditures are not allowable or limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amount reported as expenditures in prior years. Lone Star Circle of Care has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Lone Star Circle of Care has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The preparation of the Schedule, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of federal expenditures for the reporting period. Actual results could differ from those estimates.
Title: Subrecipients
Accounting Policies: The Schedule is presented using the accrual basis of accounting, whereby eligible grant expenditures are recorded when incurred (i.e., when goods are received, or services provided). Such expenditures are recognized following the cost principles in Uniform Guidance wherein certain types of expenditures are not allowable or limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amount reported as expenditures in prior years. Lone Star Circle of Care has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Lone Star Circle of Care has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Lone Star Circle of Care did not provide any federal awards to subrecipients during the year ended November 30, 2023.
Title: Contingencies
Accounting Policies: The Schedule is presented using the accrual basis of accounting, whereby eligible grant expenditures are recorded when incurred (i.e., when goods are received, or services provided). Such expenditures are recognized following the cost principles in Uniform Guidance wherein certain types of expenditures are not allowable or limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amount reported as expenditures in prior years. Lone Star Circle of Care has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Lone Star Circle of Care has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization’s federal programs are subject to financial and compliance audits by grantor agencies which, if instances of material noncompliance are found, may result in disallowed expenditures, and affect
the Organization’s continued participation in the specific programs. The amount, if any, of expenditures which may be disallowed by the grantor agencies cannot be determined at this time, although the Organization expects such amounts, if any, to be immaterial.
Title: Provider Relief Fund
Accounting Policies: The Schedule is presented using the accrual basis of accounting, whereby eligible grant expenditures are recorded when incurred (i.e., when goods are received, or services provided). Such expenditures are recognized following the cost principles in Uniform Guidance wherein certain types of expenditures are not allowable or limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amount reported as expenditures in prior years. Lone Star Circle of Care has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Lone Star Circle of Care has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
In accordance with guidance from the U.S. Department of Health and Human Services (HHS), the Organization included the expenditures for Provider Relief Fund and American Rescue Plan (ARP) Rural Distribution, Federal Assistance Listing No. 93.498 of $2,310,541 in the Schedule for the year ended November 30, 2023, to align with HHS reporting guidelines. In accordance with U.S. GAAP, the funding associated with the Provider Relief Fund was recognized as revenue by the Organization during the year
ended November 30, 2021, and is included in beginning net assets as of and for the year ended November 30, 2023.