Notes to SEFA
Title: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule)
includes the federal grant activity of LINC 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 LINC, it is not intended to and does not present the
financial position, changes in net assets, or cash flows of LINC.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain
types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: LINC has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance
for the year ended December 31, 2023; and instead allocated indirect costs in accordance with its cost
allocation plan as allowed by the federal grant programs under Uniform Guidance.
Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule)
includes the federal grant activity of LINC 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 LINC, it is not intended to and does not present the
financial position, changes in net assets, or cash flows of LINC.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain
types of expenditures are not allowed or are limited as to reimbursement.
LINC has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance
for the year ended December 31, 2023; and instead allocated indirect costs in accordance with its cost
allocation plan as allowed by the federal grant programs under Uniform Guidance.