Notes to SEFA
Title: Note 1: Basis for 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Agency elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Agency had no federal loan programs during the year ended December 31, 2023. The Agency provided no cash federal awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The nonprofit treats all costs as direct costs except general administration and general expenses. Joint costs are prorated individually as direct costs to each category and to each award using a base most appropriate to the particular cost being prorated. Therefore, the direct allocation method has been used in allocating indirect costs. Indirect costs are costs incurred for common or joint objectives and therefore cannot be readily and specifically identified with a particular project or activity. These costs are grouped into common pool(s) and distributed to benefiting activities by a cost allocation process.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Senior Life Midland, Inc. (the Agency) 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). This Schedule presents only a selected portion of the operations of the Agency and is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency as a whole.
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Agency elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Agency had no federal loan programs during the year ended December 31, 2023. The Agency provided no cash federal awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The nonprofit treats all costs as direct costs except general administration and general expenses. Joint costs are prorated individually as direct costs to each category and to each award using a base most appropriate to the particular cost being prorated. Therefore, the direct allocation method has been used in allocating indirect costs. Indirect costs are costs incurred for common or joint objectives and therefore cannot be readily and specifically identified with a particular project or activity. These costs are grouped into common pool(s) and distributed to benefiting activities by a cost allocation process.
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Agency elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Agency had no federal loan programs during the year ended December 31, 2023. The Agency provided no cash federal awards to subrecipients.
Title: Note 3: Relationship to 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Agency elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Agency had no federal loan programs during the year ended December 31, 2023. The Agency provided no cash federal awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The nonprofit treats all costs as direct costs except general administration and general expenses. Joint costs are prorated individually as direct costs to each category and to each award using a base most appropriate to the particular cost being prorated. Therefore, the direct allocation method has been used in allocating indirect costs. Indirect costs are costs incurred for common or joint objectives and therefore cannot be readily and specifically identified with a particular project or activity. These costs are grouped into common pool(s) and distributed to benefiting activities by a cost allocation process.
Federal financial support is reported in the Agency's statement of activities as follows: Federal Grant Awards $895,555. State Grant Awards $107,714. Total $1,003,269. Federal grants receivable totaled $108,605 as of December 31, 2023