Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the Foundation under programs of the federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Although the Foundation is required to match certain grants, as defined by the grants, no such matching has been included as expenditures in the Schedule. Because the Schedule presents only a selected portion of the operations of The Coral Restoration Foundation Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of The Coral Restoration Foundation, Inc.
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. The Coral Restoration Foundation Inc. has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Foundation did not provide any federal funds to subrecipients nor did they receive any federal noncash assistance or insurance.