Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes all federal contract activity of the Organization during the fiscal year ended July 31, 2025. This schedule 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”). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. 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 Organization has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
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 Organization has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The contract revenue amounts received and expensed are subject to audit and adjustment. If any expenditures are disallowed by the funding organization as a result of such an audit, any claim for reimbursement to the funding organization would become a liability of the Organization. In the opinion of management, all contract expenditures are in compliance with the terms of the contracts and applicable federal state laws and regulations.
The Organization does not have any outstanding loan programs.