Notes to SEFA
The accompanying schedule of expenditures of federal awards (“the Schedule”) includes the federal grant activity of La'I'Opua 2020 (“L2020”) under programs of 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, certain amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
Expenditures reported on 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.
L2020 has elected the 10% de minimis indirect cost rate of the Uniform Guidance
L2020 had no subrecipients.