Notes to SEFA
The accompanying schedule of expenditures federal awards (the schedule) presents the activities in all the federal financial programs of Mahoning Valley Manufacturers Foundation, Inc. and affiliate. All financial assistance received directly from agencies is included on the schedule.
The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. Expenditures are recognized when the liability for the expenditure is incurred, regardless of the timing of the related cash flows. 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). The amounts reported in this schedule as expenditures may differ from amounts reported in financial reports submitted to federal agencies due to differences in the basis of accounting or timing of expenditures.
Federal financial assistance expenditures are reported as grant expenses and management and general costs in the combined statement of functional expenses. In certain programs, the expenditures reported in the basic combined financial statements may differ from the expenditures reported in the schedule of expenditures of federal financial awards due to program expenditures exceeding grant or contract budget limitations, agency matching or in-kind contributions which are not included as federal financial assistance or capitalization policies required under accounting principles generally accepted in the United States of America.
The Organization did not provide any federal awards to subrecipients during the year ended December 31, 2024
Mahoning Valley Manufacturers Foundation, Inc. and affiliate has elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.