Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Area Five Agency
on Aging and Community Services, Inc. has elected not to use the 10-percent de minimus indirect cost rate
as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant
activity of Area Five Agency on Aging and Community Services, Inc., 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 Area Five Agency
and Community Services, Inc., it is not intended to and does not present the financial position, changes in
net assets, or cash flows of Area Five.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Area Five Agency
on Aging and Community Services, Inc. has elected not to use the 10-percent de minimus indirect cost rate
as allowed under the Uniform Guidance.
Such expenditures are recognized following, as applicable the cost principles contained in Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited
as to reimbursement.