Notes to SEFA
The Schedule of Expenditures of Federal Awards (schedule) is a supplementary schedule to the financial statements and is presented for purposes of additional analysis. The schedule is required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
A. Basis of Presentation Federal Financial Assistance - Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance that nonfederal entities receive or administer in the form of grants, cooperative agreements, loans, loan guarantees, property (including donated surplus property), interest subsidies, insurance, food commodities, direct appropriations, and other assistance, but does not include amounts received as reimbursements for services rendered to individuals. Accordingly, non-monetary federal assistance may be included in federal financial assistance and therefore, may be reported on the schedule. Federal financial assistance does not include direct federal cash assistance to individuals. Federal Assistance Listings – Uniform Guidance requires the schedule to show the total expenditures for each of the federal financial assistance programs as identified in the Federal Assistance Listings. The Federal Assistance Listings are the government wide compendium of individual federal programs. B. Major Programs The Uniform Guidance established the levels of expenditures to be used in defining major federal financial assistance programs. The dollar threshold to distinguish type A and type B programs was $750,000. C. Reporting Entity The schedule includes all federal financial assistance programs administered by the organization. D. Basis of Accounting Federal financial assistance expenditures included in the schedule are reported using the accrual basis of accounting. E. Elections The Trust has not elected to use the 10 percent de minimis indirect cost rate.
Per the statement of activities: Total federal grant revenue $ 1,272,674 Funds received but not spent (792,305) Funds received in the prior year and spent in the current year 734,684 Total federal awards as stated on the SEFA schedule $ 1,215,053