Notes to SEFA
Title: NOTE A -- BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting described in Note A to the financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Senior Resources, Inc. (the
"Agency") 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
the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency.
Title: NOTE B -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting described in Note A to the financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting described in Note A to the financial statements. 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.
Title: NOTE C -- INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting described in Note A to the financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Agency has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.