Audit 56542

Accounting Policies: NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICES The Union-Snyder Agency on Aging, Inc (Agency), federally funded grants are audited in accordance with the Uniform Guidance. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards includes all significant federally funded grant programs of Agency and has been prepared on the accrual basis of accounting. Accrued and Deferred ReimbursementVarious reimbursement procedures are used for Federal awards received by Agency. Timing differences may occur between expenditures and reimbursements during a year. Accrued revenues at year-end represent an excess of expenditures over cash reimbursements received. Deferred revenues at year-end represent an excess of cash received over eligible program expenditures. Generally, accrued and deferred amounts caused by timing differences will be reversed in the subsequent year. Source code: I - Indirect funding D- Direct funding De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.