Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Local Office on Aging, Inc. (“LOA”) under programs of the federal government for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of LOA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LOA.
De Minimis Rate Used: N
Rate Explanation: LOA did not elect to use the 10% de minimis indirect cost rate.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting.
(2) Pass-through entity identifying numbers are presented where available.
Title: Sub-Recipient Monitoring
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Local Office on Aging, Inc. (“LOA”) under programs of the federal government for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of LOA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LOA.
De Minimis Rate Used: N
Rate Explanation: LOA did not elect to use the 10% de minimis indirect cost rate.
LOA does not have any sub-recipients.
Title: Outstanding Loan Balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Local Office on Aging, Inc. (“LOA”) under programs of the federal government for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of LOA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LOA.
De Minimis Rate Used: N
Rate Explanation: LOA did not elect to use the 10% de minimis indirect cost rate.
At September 30, 2024, LOA had no outstanding loan balances requiring continuing disclosure.