Notes to SEFA
Title: Note 1 - Basis of Presentation and Accounting:
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; wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Lighthouse has elected to not use the 10% de minimis indirect cost rate. Lighthouse applies indirect costs in accordance with specific terms of its award agreements.
The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Lighthouse for the Blind and Visually Impaired (Lighthouse) under programs of the federal government for the year ended September 30, 2023. 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 Lighthouse, it is not intended to and does not present the financial position, changes in net assets or cash flows of Lighthouse.
Title: Note 2 - 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; wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Lighthouse has elected to not use the 10% de minimis indirect cost rate. Lighthouse applies indirect costs in accordance with specific terms of its award agreements.
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; wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements.
Title: Note 3 - Indirect Cost:
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; wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Lighthouse has elected to not use the 10% de minimis indirect cost rate. Lighthouse applies indirect costs in accordance with specific terms of its award agreements.
Lighthouse has elected to not use the 10% de minimis indirect cost rate. Lighthouse applies indirect costs in accordance with specific terms of its award agreements.