Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the “Schedule”) presents the expenditures activity of all federal awards and all state financial assistance projects activity of ULBC 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) and the requirements of the Florida Single Audit Act. Because the Schedule presents only a selected portion of the expenditures of ULBC, it is not intended to and does not present the financial position, changes in net position or cash flows of ULBC. Some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the basic financial statements. ULBC’s reporting entity is defined in Note 1 of ULBC’s basic financial statements, which were issued separately from this report. All federal awards and state financial assistance received directly from federal, state and indirectly through state agencies, as well as amounts passed through other government agencies are included in the accompanying Schedule.
Expenditures are recognized on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Florida Department of Financial Services’ State Projects Compliance Supplement, wherein certain types of expenditures are not allowed or are limited as to reimbursement. ULBC did not have any loan programs and did not receive any Federal or State non – cash assistance for the fiscal year ended June 30, 2025.
ULBC did elect to use the 10% de minimis indirect cost rate provided under Section 200.414 of the Uniform Guidance.
Grant monies received and disbursed by ULBC are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon prior experience, ULBC does not believe that such disallowances, if any, would have a material effect on the financial position of ULBC. As of December 8, 2025 management is not aware of any material questioned or disallowed costs as a result of grant audits in process or completed; however, the possible disallowance by a governmental agency of any item charged to a program or project cannot be determined at this time.