Audit 336715

Title: Basis of Presentation Accounting Policies: Expenditures reported in the SEFSA are reported on the full 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: The Association has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying Schedule of Expenditures of Federal and State Awards (“SEFSA”) includes the federal and state grant activity of Randolph Senior Adults Association, Inc. (“the Association”), under the programs of the federal government and the State of North Carolina for the year ended June 30, 2024. The information in this SEFSA is presented with the requirements of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Because the schedule presents only a selected portion of the operations of the Association, it is not intended to, and does not, present the financial position, changes in net position, functional expenses, or cash flows of the Association.

Title: Summary of Significant Accounting Policies Accounting Policies: Expenditures reported in the SEFSA are reported on the full 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: The Association has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Expenditures reported in the SEFSA are reported on the full 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 Association has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.