Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: LifeMoves has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. LifeMoves applies indirect costs in accordance with specific terms of its award agreements.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of LifeMoves under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of LifeMoves, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LifeMoves.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: LifeMoves has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. LifeMoves applies indirect costs in accordance with specific terms of its award agreements.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: LifeMoves has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. LifeMoves applies indirect costs in accordance with specific terms of its award agreements.
LifeMoves has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. LifeMoves applies indirect costs in accordance with specific terms of its award agreements.
Title: Note 4 - Oustanding Loans with Continuing Compliance Requirements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: LifeMoves has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. LifeMoves applies indirect costs in accordance with specific terms of its award agreements.
Included in the total federal awards for the year ended June 30, 2023 are outstanding loans which collectively had an ending balance of $1,162,906. The original loan proceeds were used in previous years according to the terms of the respective loan agreements.