Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Corporation. All federal financial assistance received by the reporting entity directly from federal agencies, as well as federal financial assistance passed through other government agencies, is included on the schedule.
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. As the schedule presents only a selected portion of the operations of the Corporation, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Corporation.
The Corporation elected to utilize the 10% and 15% de minimis indirect cost rates during the year ended March 31, 2025.