Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Multi-Service Center (MSC) under programs of the federal government 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 the operations of MSC, it is not intended to and does not present the financial position, changes in net assets, functional expenses or cash flows of MSC.
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. MSC has elected to use the de minimis indirect cost rate allowed under the Uniform Guidance.
MSC had the following loan balances outstanding at June 30, 2025 included in the federal expenditures presented in the Schedule. Federal Grantor/Pass-Through Grantor/Program Title: US Department of Housing and Urban Development: Community Development Block Grants/Entitlement Grants Assistance Listing Number 14.218 Amounts Outstanding $ 468,000 $ 132,037 $ 130,000 $ 40,000 $ 10,000 $780.037 Total US Department of Housing and Urban Development