Notes to SEFA
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.
De Minimis Rate Used: Y
Rate Explanation: LANC HAS ADOPTED THE DE MINIMIS INDIRECT COST RATE O F10% OF MODIFIED TOTAL DIRECT COSTS FOR FEDERAL GRANTS. FOR OTHER FUNDING SOURCES THAT ALLOW INDIRECT COSTS, LANC CHARGES INDIRECT COSTS AS A PERCENTAGE OF ACTUAL INDIRECT COSTS TO TOTAL COSTS; 10% OR THE MAXIMUM ALLOWED BY THE FUNDING SOURCE IF LESS THAN 10% FOR THE YEAR ENDED DECEMBER 31, 2024.