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 as 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 as 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 as 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.