Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: The SEFA is presented on the accrual basis of accounting. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principle, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Life Asset, Inc. and is presented 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 Principle, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in the presentation of the basis financial statements.