Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of STEPS, 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 STEPS, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of STEPS, Inc.
Expenditures - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through - Pass-through entity identifying numbers are present where available.
The Corporation has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
No awards were passed through to subrecipients.
Federal expenditures and revenues are reported in the Corporation’s financial statements as follows: Grants $7,431,336 Less: non-federal grants (1,792,595) Total $5,638,741