Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule) includes the federal award activity of the Coalition for Green Capital (“CGC” or “the Organization”) 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 AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of CGC, it is not intended to and does not present the financial position, changes in net assets or cash flows of the CGC.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The de minimis indirect cost rate is set by federal regulation. At the time CGC’s award was first issued, the de minimis indirect cost rate was set at 10%. On October 1, 2024, however, new federal regulations went into effect that set the de minimis indirect cost rate at 15%. CGC’s grant was amended to allow CGC to begin using the 15% de minimis indirect cost rate as of December 19, 2024.
CGC earned Program Income totaling $28,148,646. CGC did not expend any of the Program Income earned in 2024, which was reported as Deferred Revenue on the Balance Sheet.