Notes to SEFA
All federal grant operations of the South Baltimore Gateway Community Impact District Management Authority (the Partnership) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the major grant program noted below. The programs on the Schedule of Expenditures of Federal Awards (the Schedule) represent all federal award programs with fiscal year 2025 cash or non-cash expenditure activities. For our Single Audit testing, we tested the federal award programs below with fiscal year 2025 cash and non-cash expenditures to ensure coverage of at least 20% of federally granted funds. Our actual coverage was 79%. Expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Partnership has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule includes the federal award activity of the Partnership under programs of the federal government for the year ended June 30, 2025 and is reported on the accrual basis of accounting. The information in the Schedule is presented in accordance with Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Partnership, it is not intended to and does not present the financial position or changes in net assets of the Partnership.
Amount Total expenditures per the Schedule $ 11,332,840 Plus: State and local grant expenditures excluded from the Schedule 1,145,335 12,478,175 Less: Supplemental grant revenue per the FY2025 audited Statement of Revenue, Expenses, and Change in Fund Balance - Governmental Funds 12,478,175 Difference $ -