Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (SEFA) includes the federal awardactivity of LCDP under programs of the federal government for the year ended December 31, 2022.The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selectedportion of the operations of LCDP, it is not intended to and does not present the financial position,changes in net assets, or cash flows of LCDP.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the SEFA are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. LCDP has electednot to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.NOTE 3 SUBRECIPIENT PASS THROUGHNo entities received pass through federal awards from LCDP during 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.