Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Area Agency on Aging District 7, Inc. The information in this Schedule is presented in accordance with the requirements of the 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 Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Expenditures and amounts passed through to subrecipients on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or limited as to reimbursement. The Agency did not elect to use the 10% de minimis cost rate as covered in §200.414 Indirect (F&A) costs.