Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Bancroft Global Development 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 Bancroft Global Development, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bancroft Global Development.
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.
Bancroft Global Development has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The grant revenue amounts received and expenses are subject to audit and adjustment. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the Organization. In the opinion of management, all grant expenditures are materially in compliance with the terms of the grant agreements and applicable federal and state laws and regulations.
The Organization does not have any federal loans for the year ended December 31, 2024.