Notes to SEFA
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the federal grant activity of Palmetto AIDS Life Support Services, Inc. (PALSS) and is prepared on the accrual basis of accounting. Type A programs are defined as federal programs with federal expenditures exceeding $750,000. The threshold of $750,000 was used in distinguishing between Type A and Type B programs. The risk-based approach was used in the selection of federal programs to be tested as major programs. PALSS qualified as a high-risk auditee for the fiscal year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: PALSS chose not to use the ten percent de Minimis indirect cost rate for the year ended June 30, 2024.
The Schedule of Expenditures of Federal Awards includes the federal grant activity of Palmetto AIDS Life Support Services, Inc. (PALSS) and is prepared on the accrual basis of accounting. Type A programs are defined as federal programs with federal expenditures exceeding $750,000. The threshold of $750,000 was used in distinguishing between Type A and Type B programs. The risk-based approach was used in the selection of federal programs to be tested as major programs. PALSS qualified as a high-risk auditee for the fiscal year ended June 30, 2024.
Title: FEDERAL NON-CASH ASSISTANCE
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the federal grant activity of Palmetto AIDS Life Support Services, Inc. (PALSS) and is prepared on the accrual basis of accounting. Type A programs are defined as federal programs with federal expenditures exceeding $750,000. The threshold of $750,000 was used in distinguishing between Type A and Type B programs. The risk-based approach was used in the selection of federal programs to be tested as major programs. PALSS qualified as a high-risk auditee for the fiscal year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: PALSS chose not to use the ten percent de Minimis indirect cost rate for the year ended June 30, 2024.
PALSS did not receive or expend federal awards in the form of non-cash assistance and had no federal loan guarantees at June 30, 2024.
Title: DE MINIMIS INDIRECT COST RATE
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the federal grant activity of Palmetto AIDS Life Support Services, Inc. (PALSS) and is prepared on the accrual basis of accounting. Type A programs are defined as federal programs with federal expenditures exceeding $750,000. The threshold of $750,000 was used in distinguishing between Type A and Type B programs. The risk-based approach was used in the selection of federal programs to be tested as major programs. PALSS qualified as a high-risk auditee for the fiscal year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: PALSS chose not to use the ten percent de Minimis indirect cost rate for the year ended June 30, 2024.
PALSS chose not to use the ten percent de Minimis indirect cost rate for the year ended June 30, 2024.