Notes to SEFA
The accompanying schedule of revenues and expenditures of federal and state awards (the "Schedule") includes the federal and state grant activity of GenerationED under programs of the federal and state government for the year ended December 31, 2024. 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 Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of GenerationED it is not intended to and does not present the financial position, changes in net assets, or cash flows of GenerationED.
Revenues and expenditures reported on the Schedule are reported on the accrual basis of accounting. Such revenues and expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. GenerationED has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.