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 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. Pass-through entity identifying numbers are presented where available
De Minimis Rate Used: Y
Rate Explanation: The Life Link has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of The Life Link under programs of the federal government for the year ended June 30, 2024. Because the Schedule presents only a selected portion of the operations of The Life Link, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Life Link.
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 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. Pass-through entity identifying numbers are presented where available
De Minimis Rate Used: Y
Rate Explanation: The Life Link has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the 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. 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 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. Pass-through entity identifying numbers are presented where available
De Minimis Rate Used: Y
Rate Explanation: The Life Link has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Life Link has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Reconciliation of the Schedule to the Financial Statements
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 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. Pass-through entity identifying numbers are presented where available
De Minimis Rate Used: Y
Rate Explanation: The Life Link has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The following is a reconciliation of the expenditures reported in the Schedule to the government grants and contracts revenue reported in the financial statements:
Expenditures from the schedule of expenditures of federal awards: $3,051,073
Expenditures funded by state and nonfederal funding sources: $2,702,480
Total government grants and contracts revenue reported in the statement of activities: $5,753,553