Notes to SEFA
Title: GENERAL INFORMATION
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards and Selected State and County Awards presents the activity of federal, selected state and county award programs of Age Well Senior Services, Inc. (the “Organization”), and therefore, does not present the financial position of results of operations of the Organization.
Title: BASIS OF PRESENTATION
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The information in this schedule is presented under the accrual basis of accounting. Under the accrual basis of accounting, expenditures reported include any property or equipment acquisitions incurred under the award programs in the fiscal year.
Title: CONTINGENCIES
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Under the terms of federal, state and county grants, additional audits may be requested by the grantor agencies, and certain costs may be questioned as not being appropriate expenditures under the terms of the grants. Such audits could lead to a request for reimbursement to the grantor agencies.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal, state, and county award expenditures are reported on the statement of functional expenses as program services and management and general. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal, state, and county awards due to program expenditures exceeding grant or contract budget limitations which are not included as federal, state, and county awards and differences between generally accepted accounting principles and applicable government regulations regarding eligible program expenditures.
Title: INDIRECT COST RATE
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Age Well Senior Services, Inc. does not receive any federal indirect costs.
Title: SUBRECIPIENT MONITORING
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Age Well Senior Services, Inc. did not pass through any federal awards to subrecipients during the year ended June 30, 2023.