Notes to SEFA
The accompanying Schedule of Expenditures of Federal and Non-federal Awards (“the Schedule”) includes the federal award activity of Elite Family Systems, Inc. (“EFS”), under programs of the federal government for the year ended December 31, 2024. 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 EFS, it is not intended to and does not present the financial position, changes in net assets, or cash flows of EFS.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 2 CFR 200, Subpart E (Cost Principles), wherein certain types of expenditures are not allowable or are limited as to reimbursement. EFS did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
EFS did not provide pass-through federal funding to any sub-recipients during the year ended December 31, 2024.
EFS did not receive federal insurance, loans, or non-cash assistance during the year ended December 31, 2024.