Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of Impact Life, Inc. (the Organization). The schedule includes expenditures of federal programs received directly from federal agencies, as well as federal assistance passed through other organizations.
The Schedule includes the federal award activity of the Organization under programs of the federal government for the year ended December 31, 2024. 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 the operations of the Organization, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Organization. Amounts included in the accompanying schedule of expenditures of federal awards are actual expenditures for the year ended December 31, 2024. Differences between amounts included in the accompanying schedule of expenditures of federal awards and amounts reported to funding agencies for these programs result from report timing.
The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordance with accounting principles generally accepted in the United States of America. 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.
The Organization has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.