Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of The Carver Inc., under programs of the federal government for the fiscal year ended June 30, 2025. The information in this schedule is presented in accordance with the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of The Carver Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Expenditures reported on the Schedule are reported on the 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.
The Carver Inc. has elected not to use the 10% de minimis indirect cost rate allowance under the Uniform Guidance.