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 the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Lifespan Resources, Inc. has adopted the procurement requirements specified in the Uniform Guidance. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lifespan Resources, 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 LifeSpan Resources, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
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 the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Lifespan Resources, Inc. has adopted the procurement requirements specified in the Uniform Guidance. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: N/A
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 and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Lifespan Resources, Inc. has adopted the procurement requirements specified in the Uniform Guidance. Pass-through entity identifying numbers are presented where available.
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 the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Lifespan Resources, Inc. has adopted the procurement requirements specified in the Uniform Guidance. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: N/A
Lifespan Resources, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Subrecipients
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 and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Lifespan Resources, Inc. has adopted the procurement requirements specified in the Uniform Guidance. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: N/A
Lifespan Resources, Inc. provided no federal funding to subrecipients for the year ended June 30, 2024.