Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the activities in all of the federal financial assistance programs of Traverse City Center of Entrepreneurship d/b/a 20Fathoms 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”). All financial assistance received directly from federal agencies as well as financial assistance passed through other governmental agencies or non-profit organizations is included on the Schedule.
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
Federal awards expenditures are reported on the statements of activities and functional expenses. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to program expenditures exceeding grant or contract budget limitations which are not included as federal awards.
Traverse City Center of Entrepreneurship d/b/a 20Fathoms has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.