Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained the Uniform Guidance, wherebycertain types of expenditures are not allowable or are limited as to reimbursement. Negative amountsshown on the Schedule represent adjustments or credits made in the normal course of business toamounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10% de minimis indirect cost rate as allowed under the UniformGuidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the LifeTime Resources, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained the Uniform Guidance, wherebycertain types of expenditures are not allowable or are limited as to reimbursement. Negative amountsshown on the Schedule represent adjustments or credits made in the normal course of business toamounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10% de minimis indirect cost rate as allowed under the UniformGuidance.
The Agency provided no federal awards to subrecipients.