Notes to SEFA
Title: Basis of presentation
Accounting Policies: The accompanying Schedule is presented on the accrual basis of accounting. Consequently, amounts are recorded when the obligations are incurred. 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: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Blumont, Inc. and Affiliates under programs of the federal government for the year ended December 31, 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 Blumont, Inc. and Affiliates, it is not intended to and does not present the combined financial position, changes in net assets, or cash flows of the Organization.
Title: Reconciliation of revenue
Accounting Policies: The accompanying Schedule is presented on the accrual basis of accounting. Consequently, amounts are recorded when the obligations are incurred. 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: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The reconciliation of the Schedule of Expenditures of Federal Awards to total contract and grant revenue on the 2023 Combined Statement of Activities is as follows:
Schedule of Expenditures of Federal Awards $ 59,285,685
Nonfederal programs 16,542,878
Total contract and grant revenue $ 75,828,563