Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Form Communities, Inc. (Form Communities) 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 Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Form Communities, it is not intended, and does not, present the financial position, changes in net assets or cash flows of Form Communities. Therefore, some amounts presented in the Schedule may differ from amounts presented in the consolidated financial statements. All of Form Communities’ federal awards were in the form of cash assistance for the year ended December 31, 2024.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 2 CFR Part 230, Costs Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) Form Communities has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Form Communities used an approved indirect cost rate as negotiated with governmental agencies during the year ended December 31, 2024.
Total Expenditures of Federal Awards $ 2,359,145 State and Local Funding Sources 754,828 Total Federal, State, and Local Funding Sources $ 3,113,973