Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedules 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: Both
Rate Explanation: The Organization has elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance when indirect costs are provided by the applicable grant.
The accompanying schedule of expenditures of federal awards and state financial assistance (the “Schedules”) includes the federal and state award activity of Legal Aid of East Tennessee (the “Organization”) under programs of the federal government and the State of Tennessee for the year ended December 31, 2024. The information in these Schedules are 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”), the LSC Audit Guide and the Audit Manual issued by the Comptroller of the Treasury of the State of Tennessee. Because the Schedule presents only a selected portion of the operations of the Organization, 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 Schedules 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: Both
Rate Explanation: The Organization has elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance when indirect costs are provided by the applicable grant.
Expenditures reported on the Schedules 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. The Organization has elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance when indirect costs are provided by the applicable grant.