Notes to SEFA
The accompanying schedule of expenditures of federal awards (schedule) includes the federal award activity of Exceptional Persons, Inc. under programs of the federal government for the year ended June 30, 2025. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Exceptional Persons, Inc., it is not intended to and does not present the financial position, changes in financial position or cash flows of Exceptional Persons, Inc.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Exceptional Persons, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.