Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: 2. Summary of Significant Accounting Policies: Expenditures reported in 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: The Organization has not elected to us the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance as the Organization already has a negotiated indirect cost rate with the Federal Agency.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activities of USAging under programs of the federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of USAging, it is not intended to, and does not, present the financial position, changes in net assets, or cash flow of USAging.
Title: 3. Indirect Cost Rate
Accounting Policies: 2. Summary of Significant Accounting Policies: Expenditures reported in 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: The Organization has not elected to us the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance as the Organization already has a negotiated indirect cost rate with the Federal Agency.
USAging has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance as USAging already has a negotiated indirect cost rate with the Federal agency.
Title: 4. Reconciliation of the Schedule
Accounting Policies: 2. Summary of Significant Accounting Policies: Expenditures reported in 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: The Organization has not elected to us the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance as the Organization already has a negotiated indirect cost rate with the Federal Agency.
USAging records revenue adjustments to conform to GAAP which are not required to be recorded within the schedule.