Notes to SEFA
Title: Note 1 - 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 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: LifeMoves has received approval for the use of a provisional indirect cost rate of 36.7% for the year-ended June 30, 2024. This rate, applicable only to federal funds, has been negotiated with the U.S. Department of Health and Human Services and will be applied to the modified total direct costs as outlined in LifeMove’s federal grant agreements. The provisional rate is subject to adjustment based on actual costs incurred during the fiscal year and will be replaced by a final approved rate. Any differences between the provisional and final rates are reconciled as part of the next year's audit process.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of LifeMoves 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 LifeMoves, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LifeMoves.
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.
De Minimis Rate Used: N
Rate Explanation: LifeMoves has received approval for the use of a provisional indirect cost rate of 36.7% for the year-ended June 30, 2024. This rate, applicable only to federal funds, has been negotiated with the U.S. Department of Health and Human Services and will be applied to the modified total direct costs as outlined in LifeMove’s federal grant agreements. The provisional rate is subject to adjustment based on actual costs incurred during the fiscal year and will be replaced by a final approved rate. Any differences between the provisional and final rates are reconciled as part of the next year's audit 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.
Title: Note 3 - Indirect Cost Rate
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.
De Minimis Rate Used: N
Rate Explanation: LifeMoves has received approval for the use of a provisional indirect cost rate of 36.7% for the year-ended June 30, 2024. This rate, applicable only to federal funds, has been negotiated with the U.S. Department of Health and Human Services and will be applied to the modified total direct costs as outlined in LifeMove’s federal grant agreements. The provisional rate is subject to adjustment based on actual costs incurred during the fiscal year and will be replaced by a final approved rate. Any differences between the provisional and final rates are reconciled as part of the next year's audit process.
LifeMoves has received approval for the use of a provisional indirect cost rate of 36.7% for the year-ended June 30, 2024. This rate, applicable only to federal funds, has been negotiated with the U.S. Department of Health and Human Services and will be applied to the modified total direct costs as outlined in LifeMove’s federal grant agreements. The provisional rate is subject to adjustment based on actual costs incurred during the fiscal year and will be replaced by a final approved rate. Any differences between the provisional and final rates are reconciled as part of the next year's audit process.
Title: Note 4 - Outstanding Loans with Continuing Compliance Requirements
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.
De Minimis Rate Used: N
Rate Explanation: LifeMoves has received approval for the use of a provisional indirect cost rate of 36.7% for the year-ended June 30, 2024. This rate, applicable only to federal funds, has been negotiated with the U.S. Department of Health and Human Services and will be applied to the modified total direct costs as outlined in LifeMove’s federal grant agreements. The provisional rate is subject to adjustment based on actual costs incurred during the fiscal year and will be replaced by a final approved rate. Any differences between the provisional and final rates are reconciled as part of the next year's audit process.
Included in the total federal awards for the year ended June 30, 2024 are outstanding loans which collectively had an ending balance of $1,096,179. The original loan proceeds were used in previous years according to the terms of the respective loan agreements.