Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Beartooth Resource Conservation and Development Area, Inc. 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 Beartooth Resource Conservation and Development Area, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Beartooth Resource Conservation and Development Area, Inc.
Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles, except that reported Federal expenditures include loans receivable issued and outstanding under federally funded revolving loan programs. The information included in this schedule is presented in accordance with the requirements of the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations. Some amounts may differ from amounts presented in, or used in the preparation of, the basic financial statements. Reported Federal expenditures include only expenditures paid with Federal funds or reportable program income.
Beartooth Resource Conservation and Development Area, Inc. has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance.
Beartooth Resource Conservation and Development during the year ended December 31, 2024.