Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Veterans Multi-Service Center, Inc. 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 Veterans Multi-Service Center, Inc., it is not intended to and does not present the financial position, changes in net position, or cash flows of Veterans Multi-Service Center, Inc.
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in the schedule may differ from certain financial reports submitted to funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
Federal awards are reported on the statement of functional expenses as program expenses. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of federal awards due to program expenditures exceeding grant or contract budget limitations or agency matching or in-kind contributions which are not included.
VMC has elected to utilize the 10% de minimis indirect cost rate for all federal awards, except in cases where the grantor limits indirect costs to a lower percentage.