Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of South Plains Community Action Association, Inc. for the year ended February 28, 2025. Matching costs, the nonfederal share of certain program costs, are not included in the Schedule. 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. Because the Schedule presents only a selected portion of the operations of South Plains Community Action Association, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of South Plains Community Action Association, Inc.
The financial statements include federal funding received from certain programs which are not subject to continuing compliance requirements. For the year ended February 28, 2025, the financial statements include approximately $488,862 of Medicare/Medicaid federal funds which are not subject to the continuing compliance requirements of Title 2 U.S. CFR Part 200, and are not included in the Schedule.
The regulations and guidelines governing the preparation of federal financial reports vary by federal agency and among programs administered by the same agency. Accordingly, the amounts reported in the federal financial reports do not necessarily agree with the amounts reported in the accompanying Schedule which is prepared on the basis explained in Note 1.
In preparing the financial statements, the Association has evaluated events and transactions for potential disclosure through October 31, 2025, the date the financial statements are available to be issued. Management is not aware of any events that have occurred subsequent to February 28, 2025 that would require disclosure.