Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Sound Generations and Affiliates (Sound Generations) under programs of the federal government for the year ended December 31, 2024. The information in the 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 Sound Generations, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Sound Generations.
Sound Generations has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Sound Generations received the following funding through a loan. Loan documents require compliance with program regulations until the maturity date of the loan. The balance of loan outstanding at December 31, 2024, is included in the accompanying Schedule and is as follows: