Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the expenditures of California Association for Microenterprise Opportunity (a California non-profit public benefit corporation) (the “Organization”) 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 Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the consolidated financial statements. For purposes of the Schedule, federal awards include all sub awards to the Organization by nonfederal organizations pursuant to federal grants, contracts, and similar agreements.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing numbers (“ALN”) are provided when available. The Organization elected not to use the 10% de minimis indirect cost rate.