Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of LifeWorks Community Action, Inc. (LifeWorks) and is prepared on the accrual basis of accounting.
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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: LifeWorks did not have a negotiated indirect cost rate for the year ended December 31, 2023 and has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Administrative costs are included in LifeWorks’ grant agreement budgets, and therefore, negotiated rates are not needed.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of LifeWorks Community Action, Inc. (LifeWorks) and is prepared on the accrual basis of accounting.
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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
Title: NON-CASH ASSISTANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of LifeWorks Community Action, Inc. (LifeWorks) and is prepared on the accrual basis of accounting.
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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: LifeWorks did not have a negotiated indirect cost rate for the year ended December 31, 2023 and has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Administrative costs are included in LifeWorks’ grant agreement budgets, and therefore, negotiated rates are not needed.
LifeWorks receives “WIC Food Instruments” plus administrative costs from the New York State Department of Health under its nutrition programs for Women, Infants, and Children – Assistance
Listing Number 10.557. The U.S. Department of Agriculture hasdetermined that “WIC Food Instruments” are “property in lieu of money.” Therefore, $1,999,190 of WIC Food Instruments have been included in the schedule of federal expenditures of federal awards.
Title: FEDERAL LOANS AND LOAN GUARANTEES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of LifeWorks Community Action, Inc. (LifeWorks) and is prepared on the accrual basis of accounting.
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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: LifeWorks did not have a negotiated indirect cost rate for the year ended December 31, 2023 and has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Administrative costs are included in LifeWorks’ grant agreement budgets, and therefore, negotiated rates are not needed.
LifeWorks had no federal loans or loan guarantees outstanding as of December 31, 2023.
Title: INSURANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of LifeWorks Community Action, Inc. (LifeWorks) and is prepared on the accrual basis of accounting.
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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: LifeWorks did not have a negotiated indirect cost rate for the year ended December 31, 2023 and has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Administrative costs are included in LifeWorks’ grant agreement budgets, and therefore, negotiated rates are not needed.
LifeWorks did not participate in any federal insurance programs for the year ended December 31, 2023.
Title: INDIRECT COST RATES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of LifeWorks Community Action, Inc. (LifeWorks) and is prepared on the accrual basis of accounting.
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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: LifeWorks did not have a negotiated indirect cost rate for the year ended December 31, 2023 and has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Administrative costs are included in LifeWorks’ grant agreement budgets, and therefore, negotiated rates are not needed.
LifeWorks did not have a negotiated indirect cost rate for the year ended December 31, 2023 and has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Administrative costs are included in LifeWorks’ grant agreement budgets, and therefore, negotiated rates are not needed.