Notes to SEFA
Basis of Presentation The Schedule of Expenditures of Federal Awards (Schedule) has been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The Schedule includes the federal grant activity of SUL and is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and 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 financial statements. Sub-recipients SUL did not make any disbursements to subrecipients during the fiscal year 2025. Non-cash Assistance SUL did not receive any federal non-cash assistance during the fiscal year 2025. Insurance SUL used no federal funds to acquire insurance during the fiscal year 2025. Loans SUL did not have any federal loans or loan guarantees outstanding as of June 30, 2025. De Minimis Cost Rate SUL elected to use the 10% de minimis cost rate during fiscal year 2025.