Notes to SEFA
The accompanying schedule of expenditures of Federal, state, and local awards includes the Federal, state, and local award activity of GFS, under programs of the federal government for the year ended June 30, 2025 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 selected portion of the operations of Kai Ming, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of GFS.
Expenditures reported on the schedule are 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 allowed or are limited to reimbursements.GFS has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.GFS does not use an indirect cost rate.