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 contained in OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: A 6% INDIRECT COST RATE IS USED IN CONJUNCTION WITH INDIANA DEPARTMENT OF TRANSPORTATION GUIDELINES
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Cass County Council on Aging, Inc. and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of OMB Uniform Guidance at 2 CFR 200, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: 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 OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: A 6% INDIRECT COST RATE IS USED IN CONJUNCTION WITH INDIANA DEPARTMENT OF TRANSPORTATION GUIDELINES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement.
Title: INSURANCE COVERAGE
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 OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: A 6% INDIRECT COST RATE IS USED IN CONJUNCTION WITH INDIANA DEPARTMENT OF TRANSPORTATION GUIDELINES
Cass County Council on Aging, Inc. maintains worker’s compensation insurance and commercial liability insurance coverage exceeding amounts required by the various federal awards.
Title: 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 OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: A 6% INDIRECT COST RATE IS USED IN CONJUNCTION WITH INDIANA DEPARTMENT OF TRANSPORTATION GUIDELINES
The Cass County Council on Aging, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.