Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Organization under programs of the federal government for the year ended December 31, 2024. All federal expenditures of the Organization are included in the scope of this U.S. Office of Management and Budget (“OMB”) Single Audit Report. The information in 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the consolidated statement of financial position and the related consolidated statements of activities and changes in net assets, functional expenses, and cash flows of the Organization.
Basis of Accounting The Schedule is prepared on the accrual basis of accounting. As 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, changes in net assets, or cash flows of the Organization. For the purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the Organization and agencies and departments of the federal government pursuant to federal grants, contracts, and similar agreements. Complete Assistance Listing numbers are provided on the Schedule when available. Indirect Costs Expenditures included in the Schedule represent both direct and indirect costs. The Organization has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Expenditures and Revenue Recognition The Schedule presents expenditures of individual programs on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement and, accordingly, are not reflected as expenditures in the Schedule. All program outlays, including accrued expenditures and capital outlays, are reported as expenditures. Related revenues (which are not presented herein) are recognized up to award amounts for financial statement and program reporting. Award reporting periods do not necessarily coincide with the fiscal reporting period of the Organization. Negative amounts, if any, presented in the Schedule represent adjustments or credits made, in the normal course of business, to expenditures reported in prior years. The Organization did not have any federal loan programs during the year ended December 31, 2024.
Grants require the fulfillment of certain conditions set forth in grant agreements and are subject to periodic review and assessment by the grantors. Failure to satisfy the requirements of the grant agreements could result in disallowed costs and return of funds to grantors. Management believes the Organization is in substantial compliance with the grant provisions and requirements and that disallowed costs, if any, will not have a material effect on the amounts and disclosures in the consolidated financial statements.