Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal Award activity of the Association under programs of the Federal Government during the year ended December 31, 2024. The information in the Schedule is presented in accordance with 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). The Schedule presents only a selected portion of the operations of the Association; accordingly, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Association.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown in the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Association elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.