Notes to SEFA
The accounting policies and presentation of the accompanying schedule of expenditures of federal awards and state financial assistance of Lightshare Behavioral Wellness & Recovery, Inc. (the Corporation) have been designed to conform with accounting principles generally accepted in the United States applicable to non-profit organizations, including the reporting and compliance requirements of the Single Audit Act of 1984, the Single Audit Act Amendments of 1996, and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (federal awards) and State of Florida Chapter 10.650, Rules of the Auditor General, and the Department of Financial Services’ State Projects Compliance Supplement. All federal awards and state financial assistance received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other governmental agencies, are included in the schedule.
The accompanying schedule of expenditures of federal awards and state financial assistance is presented using the accrual basis of accounting.
Grant monies received and disbursed by the Corporation are for specific purposes and are subject to review by grantor agencies. Such audits may result in requests for reimbursement due to disallowance of expenditures. Based on prior experience, the Corporation does not believe that such disallowances, if any, would have a material effect on the financial position of the Corporation.
The Corporation has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.