Notes to SEFA
The amounts reflected in the financial reports submitted to the awarding federal and/or pass-through agencies and the schedule may differ. Some of the factors that may account for any difference include the following: The Corporation’s fiscal year end may differ from the program’s year end. Accruals recognized in the schedule, because of year end procedures, may not be reported in the program financial reports until the next program reporting period. Fixed asset purchases and the resultant depreciation charges are recognized as property and equipment, net in the Corporation’s financial statements and as expenditures in the program financial reports.
The Corporation is also the sub-recipient of federal funds that have been subjected to testing and are reported as expenditures and listed as federal pass-through funds. Federal awards other than those indicated as pass-throughs are considered to be direct.
The schedule was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of the debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of the Corporation’s federal grants.
Grant monies received and disbursed by the Corporation are for specific purposes and are subject to review by the grantor agencies. Such audits may result in request for reimbursement due to disallowed expenditures. Based upon experience, the Corporation does not believe that such disallowance, if any, would have a material effect on the financial position of the Corporation.
The Corporation did not receive any federal noncash assistance for the fiscal year ending December 31, 2024.
The Corporation did not provide federal funds to subrecipients for the fiscal year ending December 31, 2024.
The Corporation did not have any loans or loan guarantee programs required to be reported on the schedule.