Title: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of The Council on Aging, Inc., serving St. Clair County (the “Council”), for the year ended September 30, 2024. Expenditures reported on the Schedule are reported on the same basis of accounting, the accrual basis, as the financial statements, although the basis for determining when federal awards are expended 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 (Uniform Guidance), wherein certain types of expenditures are not allowed or are limited as to reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
For purposes of charging indirect costs to federal awards, the Council has elected to not use the 10 percent de minimis cost rate as permitted by § 200.414 of the Uniform Guidance.
Revenue has been accrued at September 30, 2024 to match allowable expenditures incurred during the year for each program except for the nutrition services program. The nutrition services programs consisting of congregate and home-delivered meals are reported on the Schedule based on a unit-for-service basis (rate per meal served). Grant funds received in advance that are in excess of incurred costs have been reflected as deferred revenue.
Because the Schedule presents only a selected portion of the operations of the Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Council.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of The Council on Aging, Inc., serving St. Clair County (the “Council”), for the year ended September 30, 2024. Expenditures reported on the Schedule are reported on the same basis of accounting, the accrual basis, as the financial statements, although the basis for determining when federal awards are expended 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 (Uniform Guidance), wherein certain types of expenditures are not allowed or are limited as to reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
For purposes of charging indirect costs to federal awards, the Council has elected to not use the 10 percent de minimis cost rate as permitted by § 200.414 of the Uniform Guidance.
Revenue has been accrued at September 30, 2024 to match allowable expenditures incurred during the year for each program except for the nutrition services program. The nutrition services programs consisting of congregate and home-delivered meals are reported on the Schedule based on a unit-for-service basis (rate per meal served). Grant funds received in advance that are in excess of incurred costs have been reflected as deferred revenue.
Because the Schedule presents only a selected portion of the operations of the Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Council.
Title: NOTE 2 - RECONCILIATION OF FEDERAL AWARD ACTIVITY PER FINANCIAL STATEMENTS TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of The Council on Aging, Inc., serving St. Clair County (the “Council”), for the year ended September 30, 2024. Expenditures reported on the Schedule are reported on the same basis of accounting, the accrual basis, as the financial statements, although the basis for determining when federal awards are expended 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 (Uniform Guidance), wherein certain types of expenditures are not allowed or are limited as to reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
For purposes of charging indirect costs to federal awards, the Council has elected to not use the 10 percent de minimis cost rate as permitted by § 200.414 of the Uniform Guidance.
Revenue has been accrued at September 30, 2024 to match allowable expenditures incurred during the year for each program except for the nutrition services program. The nutrition services programs consisting of congregate and home-delivered meals are reported on the Schedule based on a unit-for-service basis (rate per meal served). Grant funds received in advance that are in excess of incurred costs have been reflected as deferred revenue.
Because the Schedule presents only a selected portion of the operations of the Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Council.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
See the Notes to SEFA for chart/table.