Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of FIBCO Family Services, Inc. (the Organization) 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 FIBCO Family Services, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of FIBCO Family Services, Inc.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. When applicable, 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. No federal assistance has been provided to a subrecipient. FIBCO Family Services, Inc.’s summary of significant accounting polices is presented in Note 1 to the basic financial statements.
The Organization does not draw for indirect administrative expenses and has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal award expenditures are reported on the statement of functional expenditures as program costs. However, expenditures in the schedule of expenditures of federal awards for certain programs which have incurred deficits have been limited to the related contracted amount. In addition, for certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported on the schedule of expenditures of federal awards due to program expenditures exceeding grant or contract budget limitations, which are not included as federal financial assistance.