Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the New York State Environmental Facilities Corporation (the Corporation) under programs of the federal government for the year ended March 31, 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 select portion of the operations of the Corporation, it is not intended to, and does not, present the financial position, changes in financial position, or cash flows of the Corporation.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Matching costs, i.e., the nonfederal share of program costs, are not included in the accompanying Schedule.
The regulations and guidelines governing preparation of federal financial reports do not match the accounting principles used by the Corporation to present amounts in the Schedule. Accordingly, the amounts reported in the federal financial reports do not necessarily agree with the amounts reported in the accompanying Schedule which is prepared on the basis explained in note 1(b).