Notes to SEFA
The schedule of expenditures of federal awards includes the federal award activity of the Mohawk Valley Rehabilitation Corporation and is presented on the accrual basis of accounting. 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 the Mohawk Valley Rehabilitation Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
The amounts reported in the schedule of expenditures of federal awards are recorded using 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 reimbursements. Therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements.
The amount of the U.S. Department of Commerce federal expenditures is computed using the U.S. Department of Commerce Economic Development Revolving Loan Fund (RLF) guidelines. The guidelines define current year expenditures as the grantee’s fiscal year ending balance of outstanding loans, plus cash and investment balances, the amount of RLF income earned, and the amount expended on eligible administrative costs during the fiscal year. Total expenditures were calculated as follows at December 31, 2024:
The Mohawk Valley Rehabilitation Corporation did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Mohawk Valley Rehabilitation Corporation did not pass any federal funds to subrecipients for the year ended December 31, 2024.