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 cost principles contained in Uniform Guidance, wherein certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: LIFTCAA has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Unform Guidance.
The accompanying schedule of expenditures of federal awards include the federal grant activity of LIFT Community Action Agency, Inc. (the Organization), under programs of the federal government for the year ended December 31, 2024. The information in the schedules 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 the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows.
Title: Contingent Liabilities
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: LIFTCAA has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Unform Guidance.
The Organization participates in a number of federal assisted programs. These programs are audited in accordance with Government Auditing Standards and the Single Audit Act Amendments of 1996, if applicable, in accordance with the required levels of Federal Financial Assistance. Audits of prior years have not resulted in any significant disallowed costs. Additionally, the grant programs are subject to audits by the granting authority, the purpose of which is to insure compliance with conditions precedent to the granting of funds. Management believes any liability for reimbursement which may arise as the result of grant funds would not be material.
Title: Relationship to Federal Financial Reports
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: LIFTCAA has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Unform Guidance.
Amounts reported in the accompanying schedule may differ with the amounts reported in the related financial reports filed with grantor agencies due to accruals or adjustments posted to books after the submission of the original reports.