Notes to SEFA
Title: Program operations
Accounting Policies: (1) BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Aroostook County Action Program, Inc. under programs of the federal government for the year ended September 30, 2022. 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 Aroostook County Action Program, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Aroostook County Action Program, Inc.(2)SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Aroostook County Action Program, Inc. has elected not to use the 10% de minimis rate and has an agreed upon rate of 23% of direct salaries and wages excluding fringe benefits for the year ended September 30, 2022.
Included in Federal assistance listing number #93.568 and #10.557 are client benefits paid by the State of Maine of $3,703,587 and $724,538 respectively. These amounts are not included in the statement of activities as the agency does not receive this funding directly.