Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, where in certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the minimis cost rate.
The accompanying schedule of federal expenditures of federal awards (the Schedule) includes the federal award activity of Stroud Manor, Inc. under programs of the federal government for the year ended June 30, 2024. 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 Stroud Manor, Inc., it is not intended to and does not present the financial position, or cash flows of Stroud Manor, Inc.