Notes to SEFA
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mrs. Philippines Home for Senior Citizens, Inc. has elected not to use the ten percent (10%) de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Mrs. Philippines Home for Senior Citizens, Inc. under the programs of the federal government for the year ended December 31, 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 Mrs. Philippines Home for Senior Citizens, Inc., it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of Mrs. Philippines Home for Senior Citizens, Inc. The loan balance outstanding as of December 31, 2023 is $2,578,635. Mrs. Philippines Home for Senior Citizens, Inc. received no additional loans during the year. There were no awards passed through to subrecipients.
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mrs. Philippines Home for Senior Citizens, Inc. has elected not to use the ten percent (10%) 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mrs. Philippines Home for Senior Citizens, Inc. has elected not to use the ten percent (10%) de minimis indirect cost rate allowed under the Uniform Guidance.
Mrs. Philippines Home for Senior Citizens, Inc. has elected not to use the ten percent (10%) de minimis indirect cost rate allowed under the Uniform Guidance.