Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards and Other Financial Assistance (the Schedule) presents the activity of all financial assistance programs of GCFU for the year ended September 30, 2024. All financial assistance received directly or indirectly from Federal, State, and local agencies is included in the Schedule.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of GCFU under programs of the federal government for the year ended September 30, 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 GCFU, it is not intended to and does not present the financial position, changes in net assets or cash flows of GCFU.
GCFU from time to time receives goods, services, and office space without payment or compensation. Noncash donations are recorded as contributions at their estimated fair values at the date of donation. When the value of services is ascertainable and meets the requirements of FASB ASC 958-605-25-16, it is included in the accompanying Schedule. See also Note A-13 to GCFU’s financial statements.