Notes to SEFA
Title: General
Accounting Policies: The accompanying Schedule has been prepared in accordance with accounting principles generally accepted in the United States. The amounts reported as federal expenditures were obtained from appropriate financial reports for the applicable program and periods. The amounts reported in these financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger, which is the source
of supporting data for the Organization’s consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of Cazenovia Recovery Systems, Inc. and Subsidiaries (the Organization). The Schedule includes expenditures of federal programs received directly from federal agencies as well as federal assistance passed through other organizations.
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule has been prepared in accordance with accounting principles generally accepted in the United States. The amounts reported as federal expenditures were obtained from appropriate financial reports for the applicable program and periods. The amounts reported in these financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger, which is the source
of supporting data for the Organization’s consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance.
The Schedule includes the federal award activity of the Organization under programs of the federal government for the year ended December 31, 2024. The information in the 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 the Organization, it is not intended and does not present the financial position, change in net assets, or cash flows of the Organization.
Title: LOAN OUTSTANDING ALN 14.239
Accounting Policies: The accompanying Schedule has been prepared in accordance with accounting principles generally accepted in the United States. The amounts reported as federal expenditures were obtained from appropriate financial reports for the applicable program and periods. The amounts reported in these financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger, which is the source
of supporting data for the Organization’s consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance.
The Organization has an $880,000 outstanding loan, which is the original loan amount dated November 2009 for which payment is due November 1, 2039, under which there are continuing compliance requirements.