Notes to SEFA
The accompanying combined schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the Horizon Corporations (collectively, the Entity) 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 the Entity, it is not intended to and does present the financial position, changes in net assets, or cash flows of the Entity.
Expenditures on the Schedule are reported on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance. The Entity has elected to use the 10% de minimis rate permitted by the Uniform Guidance.