Notes to SEFA
The reporting entity consists of Live the Life Ministries, Inc. The Organization includes a Schedule of Expenditures of Federal Awards and State Financial Assistance in the Single Audit and Compliance Section
The accrual basis of accounting is followed in the Schedule of Expenditures of Federal Awards and State Financial Assistance. Under the accrual basis, revenues are recognized when they become earned. Expenses generally are recorded when a liability is incurred.
The Organization incurred program income, as described in 42 USC 254b(e)(5)(A)(ii), which totaled $1,475,786. These funds were used in accordance with 42 USC 254b(e)(5)(D.,
The Organization had no subrecipients during the fiscal year.