Notes to SEFA
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 and Cost Principles for Non-Profit
Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course
of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are
presented where available.
De Minimis Rate Used: N
Rate Explanation: Elder Law of Michigan, Inc. and Elder Law of Michigan Pooled Account Trust has
elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award
activity of Elder Law of Michigan, Inc. and Elder Law of Michigan Pooled Account Trust under programs of the
federal government for the year ended December 31, 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 Elder Law of Michigan, Inc. and Elder Law of
Michigan Pooled Account Trust, it is not intended to and does not present the financial position, changes in net
assets or cash flows of Elder Law of Michigan, Inc. and Elder Law of Michigan Pooled Account Trust.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 and Cost Principles for Non-Profit
Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course
of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are
presented where available.
De Minimis Rate Used: N
Rate Explanation: Elder Law of Michigan, Inc. and Elder Law of Michigan Pooled Account Trust has
elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 and Cost Principles for Non-Profit
Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course
of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are
presented where available. Elder Law of Michigan, Inc. and Elder Law of Michigan Pooled Account Trust has
elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The
organization does not pass through any federal funds.
Title: NOTE 3 - RECONCILIATION WITH AUDITED FINANCIAL STATEMENTS
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 and Cost Principles for Non-Profit
Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course
of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are
presented where available.
De Minimis Rate Used: N
Rate Explanation: Elder Law of Michigan, Inc. and Elder Law of Michigan Pooled Account Trust has
elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The following summary reconciles total federal awards with the audited financial statements for the year ended
December 31, 2023: