Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Warren-Forest Counties Economic Opportunity Council and is presented on the accrual basis of accounting. 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 the Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Expenditures reported on the accompanying schedule of expenditures of federal awards are reported in accordance with generally accepted accounting principles (GAAP). Indirect Cost Rate The Organization did not elect to use the ten percent (10%) de minimis indirect cost rate for the year ended June 30, 2025. Amounts Passed to Subrecipients The Organization did not provide federal awards to subrecipients during the year ended June 30, 2025. Fee-for-Service Contracts The Organization recognizes revenue applicable to fee-for-service contracts as services are performed. For presentation on the Schedule of Expenditures of Federal Awards, program expenditures were assumed to be equal to revenue recognized. However, actual expenditures may vary from amounts presented. Federal Loan Guarantee Programs The Organization did not have any federal loan guarantee programs to report for the year ended June 30, 2025, as described in 2 CFR section 200.502(b).
Statement of Financial Position accounts at June 30, 2025: Grants receivable $ 411,427.44 Less: Non-Federal awards (124,355.95) 287,071.49 Deferred revenue (308,761.48) Less: Non-Federal awards 196,783.54 (111,977.94) Cash/Accrued or (Deferred) Revenue at June 30, 2025, Schedule of Expenditures of Federal Awards $ 175,093.55