Notes to SEFA
The accompanying schedule of expenditures of federal awards presents the expenditures for the years ended June 30, 2025 and 2024, of all the federally-assisted programs of the Organization.
The schedule was prepared following the accrual basis of accounting, which is further explained in Note 1 to the financial statements of the Organization.
The OMB Compliance Supplement requires the auditor to use a risk-based approach to determine major programs. The OMB also provides an exemption to this approach on the first year of implementation of the circular and when there is a change in auditors. The auditors went through the required procedures of the risk-based approach to select the Organization’s major programs for the year ended June 30, 2025.
At June 30, 2025, federal loans payable are those included in Note 8 of the financial statements.
The Organization did not disburse funds to subrecipients for the years ended June 30, 2025 and 2024.
The Organization did not elect to use the 10% de minimis indirect cost rate.
The basis used to determine the amount to be reported as program expenditures includes the following: Expenditure/expense transactions associated with the grants and awards. The value of new loans issued during the fiscal year ended June 30, 2025.