Notes to SEFA
The accompanying schedule of expenditures of federal awards (schedule) includes the federal grant activity of the Agency under programs of the federal government for the year ended June 30, 2025. 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 the Agency, it is not intended to and does not present the financial position, changes in net position or cash flows of the Agency.
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. Revenue from federal awards is recognized when the Agency has done everything necessary to establish its right to revenue. Pass-through entity identifying numbers are presented where available.
The Agency has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.