Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Pikesville Armory Foundation, Inc. (the Organization), and is presented on the accrual basis of accounting. 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 (the Uniform Guidance). Because this 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The Organization has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.