Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the (“PRFI”) under programs of the federal government for the year ended June 30, 2025. 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 this Schedule presents only a selected portion of operations of PRFI, it is not intended to and does not present the financial position, change in net assets, or cash flows of PRFI. All of PRFI’s federal awards were in the form of cash assistance for the year ended June 30, 2025. PRFI had no federally-funded insurance programs or loan guarantees during the year ended June 30, 2025.
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.
The reimbursement of indirect costs reflected in the financial statements for the year ended June 30, 2025 as federal grants revenue is subject to final approval by federal grantors and could be adjusted upon the results of these reviews. Management believes that the results of any such adjustment would not be material to PRFI’s financial position or change in net assets. PRFI has elected not to use the ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.