Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of First five Fox Valley, Inc. under programs of the federal government for the year ended December 31, 2024. 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 First Five Fox Valley, Inc., it is not intended to and does not present the financial position, changes in the net assets or cash flows of First Five Fox Valley, Inc.
Expenditures reported on the schedules are reported on the modified accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. First Five Fox Valley, Inc. has elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.