Notes to SEFA
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of the Organization under the programs of the federal government for the year ended June 30, 2025. The information in the SEFA 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 SEFA presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Organization.
Expenditures reported on the SEFA 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.
The Organization has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
In order to qualify as a low-risk auditee, the Organization must meet the conditions set by the Uniform Guidance for each of the preceding two audit periods. The Organization did not require the Uniform Guidance audit for the year ended June 30, 2024 since the total expenditures of federal awards were below the Uniform Guidance threshold of $750,000 for the year then ended. Therefore, the Organization did not qualify as a low-risk auditee for the year ended June 30, 2025 since the Uniform Guidance audit was not performed for each of the preceding two audit periods.