Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Consortium under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with requirements of the 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 Consortium, it is not intended to and does not present the financial position, changes in net position or cash flows of Consortium.
Revenue form federal awards is recognized when the Consortium has done everything necessary to establish its right to revenue and the revenue is available to pay liabilities in the current period. Expenditures of federal awards are not recognized in the accounting period when the liability is incurred.
The Consortium uses the 10-percent de minimis indirect cost rate during the year ended June 30, 2025.
The Consortium did not expend any federal awards in the form of non-cash assistance during the year ended June 30, 2025.
Total federal expenditures in the financial statements $2,415,655. Total federal expenditures in the Schedule of Federal Awards 2,413,442. Difference $2,213. The $2,213 variance is interest income in the WIOA Grants.