Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Gateway Foundation, Inc. and Subsidiaries (the Organization) under programs of the federal government for the year ended June 30, 2025. 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
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 indirect cost rate allowed under the Uniform Guidance.
The Organization did not receive any non-cash assistance during the year ended June 30, 2025. The Organization did not have any federal insurance in effect during the year ended June 30, 2025, nor were there any loans or loan guarantees at year-end.
None of the Organization's federal awards expenditures were provided to subrecipients during the year ended June 30, 2025.
Beginning in January 2025, President Trump signed several executive orders (EOs) ordering the pause or termination of federal assistance for programs that do not align with the new administration's policies. The Administration tasked federal departments with evaluating all federal programs they adminster, to determine if the funding being provided falls under any of the EOs. During the fiscal year ended June 30, 2025, the Organization recognized federal assistance totaling $10,584,210, which comprised 8% of total revenues. As of the date of this report, management has not received any communications from its federal funding agencies indicating the termination of, or significant decline in federal funding, however there is uncertainty surrounding future federal funding. Management is actively monitoring the situation and will continue to assess the potential effect, if any, on the Organization's financial statements.