Notes to SEFA
The accompanying schedules of expenditures of federal awards and state financial assistance (the "Schedules") includes the federal and state award activity of Project LIFT, Inc. under programs of the federal and state governments for the year ended June 30, 2025. The information in the Schedules are 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) and the State of Florida Chapter 10.650, Rules of the Auditor General. Because the Schedules present only a selected portion of the operations of Project LIFT, Inc., they are not intended to and do not present the financial position, changes in net assets, or cash flows of Project LIFT, Inc.
Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of Florida Chapter 10.650, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The organization has elected to use the 10% de minimus indirect cost rate as covered in 2 CFR 200.414.
The Uniform Guidance defines a cluster of programs as a grouping of closely related programs that share common compliance requirements. According to this definition, similar programs deemed to be a cluster of programs are considered to be one program and are tested accordingly.
Project LIFT, Inc. has provided no federal awards or state financial assistance to subrecipients.
All matching requirements for the contracts in effect from July 1, 2024 through July 30, 2025 have been met by Project LIFT, Inc.
Amounts received, or receivable, from grantor agencies are subject to audit and adjustment by grantor agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to the grantor agency would become a liability of Project LIFT, Inc. In the opinion of Management, any such adjustment would not be significant.