Notes to SEFA
The U.S. Department of Labor is the current year’s oversight agency for the single audit as determined by the agency providing the largest share of UPward Talent Council’s direct federal financial assistance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the UPward Talent Council under programs of the federal government for the year ended June 30, 2025. The information in the 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 selected portion of the operations of the UPward Talent Council, it is not intended to and does not present the financial position, changes in net position, or cash flows of the UPward Talent Council. The information in the Schedule reconciles with the amounts presented in the financial statements as shown in Note D below.
(1) Expenditures reported on the Schedule are reported on the modified 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.
see chart below