Notes to SEFA
Title: NOTE 4 – NON-CASH ASSISTANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Council is the recipient of certain non-cash assistance from various federal awarding agencies and pass-through entities. Revenues and expenditures are recorded for the value of the non-cash assistance received.
Title: NOTE 5 – SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Of the federal expenditures presented in the schedule, the Council provided federal awards to subrecipients as follows: Program Title - Special Programs for the Aging, Title III, Part B, Grants for Supportive Services and Senior Centers; Assistance Listing Number – 93.044; Amounts Provided to Subrecipients – $66,464 — Program Title - Special Programs for the Aging, Title III, Part C, Nutrition Services; Assistance Listing Number – 93.045; Amounts Provided to Subrecipients – $136,945.
Title: NOTE 6 – FEDERAL LOAN PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Council received funds from the U.S. Department of Commerce to capitalize the COVID-19 CARES Act Revolving Loan Fund (RLF). The expenditure of Federal awards is computed in accordance with the OMB Compliance Supplement for Assistance Listing Number 11.307. The amount reported as expenditures of Federal awards for the program is as follows: Balance of RLF principal outstanding on loans at the end of the recipient's fiscal year, plus $693,791; Cash and investment balance in the RLF at the end of the recipient's fiscal year, plus $285,816; Administrative expenses paid using RLF income during the recipient's fiscal year, plus $0; Unpaid principal of all loans written off during the recipient's fiscal year $0; Total $979,607; Federal share of the RLF award 100%; Expenditures of Federal Awards $979,607