Notes to SEFA
The accompanying schedules of expenditures of federal awards and state financial assistance includes the federal and state award activity of the Council on Aging of Martin County, Inc. under programs of the federal and state governments for the year ended June 30, 2025. The information in the schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Pert 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the State of Florida Chapter 10.650, Rules of the Auditor General. Because the schedules present only a selected portion of the operations of the Council on Aging of Martin County, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Council on Aging of Martin County, Inc.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of Florida Chapter 10.650, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Uniform Guidance defines a cluster of programs as a grouping of closely related programs that share common compliance requirements. According to this definition, similar programs deemed to be a cluster of programs are considered to be one program and are tested accordingly.
The Council on Aging of Martin County, Inc. has provided no federal or state awards to subrecipients.
Amounts received, or receivable, from grantor agencies are subject to audit and adjustment by grantor agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to the grantor agency would become a liability of the Council on Aging of Martin County, Inc. In the opinion of Management, any such adjustment would not be significant.