Notes to SEFA
Title: Note A 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: Sowega elected out of the 10% de minimis cost rate and instead reimbursed for actual cost incurred
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Sowega Council on Aging, 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 Sowega Council on Aging, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Sowega Council on Aging, Inc.
Title: Note B 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: Sowega elected out of the 10% de minimis cost rate and instead reimbursed for actual cost incurred
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 C Non Cash Awards
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: Sowega elected out of the 10% de minimis cost rate and instead reimbursed for actual cost incurred
Sowega Council on Aging, Inc. did not receive any non-cash awards during the fiscal year.
Title: Note D 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: Sowega elected out of the 10% de minimis cost rate and instead reimbursed for actual cost incurred
Sowega Council on Aging, Inc. has elected not to use the 10% de minimis cost rate as allowed under the Uniform Guidance.