Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of FFAFG under programs of the federal government for the year ended December 31, 2024. 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 FFAFG, it is not intended to and does not present the financial position, changes in net assets, or cash flows of FFAFG.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
FFAFG has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
There are no federal loan programs administered directly by FFAFG as of the year ended December 31, 2024