Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the Federal award activity of Legacy Philanthropy Works (a nonprofit organization) and its wholly owned subsidiary, FV CT 2.0, LLC (collectively the "Organization"), under programs of the federal government for the year ended December 31, 2024, 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 Organization, it is not intended to and does not present the financial position, activities, or cash flows of the Organization.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance*, wherein certain types of expenditures are not allowed or are limited as a reimbursement. The Organization has elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.