Notes to SEFA
The single audit is the performance of a uniform audit of all of the Club’s federal grants in conjunction with the annual audit of the basic financial statements. The adoption of such a procedure was formalized by the U.S. Office of Management and Budget (OMB) in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The single audit fulfills all the Federal agencies’ audit requirements which include financial, compliance and the adequacy of internal control. All federal award programs operated by the Club are included in the scope of the Uniform Guidance audit.
Single audit testing procedures were performed for transactions occurring during the year ended December 31, 2024.
The Club did not receive any non-cash assistance through federal award programs during the year ended December 31, 2024.
The Club did not receive or administer any federal loan programs during the year ended December 31, 2024.
The Club maintains property and liability insurance which management believes is sufficient to meet its needs. Substantially all of the insurance coverage is funded by sources other than federal awards.