Notes to SEFA
Title: NOTE A - BASIC OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Modern Maturity Center, Inc. and is presented on the accrual basic of accounting. The information is presented in accordance with the requirements of 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: Y
Rate Explanation: For the year ended December 31, 2023, The Modern Maturity Center, Inc. has elected to use the 10% de minimis indirect cost rate, as permitted by the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant
activity of The Modern Maturity Center, Inc. and is presented on the accrual basis of accounting. The information is presented in accordance with the requirements of 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: NOTE B - INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Modern Maturity Center, Inc. and is presented on the accrual basic of accounting. The information is presented in accordance with the requirements of 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: Y
Rate Explanation: For the year ended December 31, 2023, The Modern Maturity Center, Inc. has elected to use the 10% de minimis indirect cost rate, as permitted by the Uniform Guidance.
For the year ended December 31, 2023, The Modern Maturity Center, Inc. has elected to use the 10% de minimis indirect cost rate, as permitted by the Uniform Guidance.