Notes to SEFA
Title: General
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with GAAP. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200. Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: LHCNY has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance,
The accompanying schedule of expenditures of federal awards (the Schedule) has been prepared in accordance with accounting principles generally accepted in the United States of America. Amounts included in the Schedule are actual expenditures for the year ended December 31, 2024. The accompanying Schedule presented the activity of all federal award programs of The Lutheran Home of Central New York, Inc. (LHCNY). 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 LHCNY’s operations, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LHCNY.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with GAAP. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200. Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: LHCNY has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance,
LHCNY does not have any subrecipients of federal awards/
Title: Direct Loan
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with GAAP. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200. Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: LHCNY has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance,
LHCNY obtained from U.S. Department of Agriculture a direct loan. The outstanding balance of the direct loan at December 31, 2024 was $1,950,174.