Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) reflects the federal grant activity of The Rosewood Initiative (the Initiative), 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 Initiative, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Initiative.
Expenditures reported on the Schedule are reported 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. All of the Initiative’s federal awards were in form of cash assistance for the year ended December 31, 2024. The Initiative had no federally funded insurance programs or loan guarantees during the year ended December 31, 2024. The Initiative has elected to use the 10% de minimus cost rate allowed under the Uniform Guidance.
The following summary reconciles total federal awards with the audited financial statements for the year ended December 31, 2024: Total Federal awards per the Schedule of Expenditures of Federal Awards $ 1,534,944 Add: non-federal awards contained in the audited financial statements 967,401 Total contributions and grants per audited financial statements $ 2,502,345
The requirements of the Uniform Guidance require all major programs, as determined by the auditor on a risk-based approach, be subject to specific control and/or compliance testing. In determining that at least 40% of federal expenditures were tested in accordance with single audit requirements, the following calculation was made: Total Federal awards per the schedule of expenditures of federal $ 1,534,944 $ 613,978 Programs Selected for Testing 21.027 Coronavirus State and Local Fiscal Recovery Funds $ 1,500,000 Total Programs Selected for Testing $ 1,500,000 Percent of Total Federal Expenditures Tested 98%