Notes to SEFA
The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) includes the federal and state grant activity of LBDN under programs of the federal government and State of California 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 the Schedule presents only a selected portion of operations of LBDN, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LBDN.
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.
LBDN has not elected to use the 15% de minimis indirect cost rate for the year ended June 30, 2025.
LBDN elected to use the 15 percent administrative cost rate for the year ended June 30, 2025.