Notes to SEFA
The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Gordon Research Conferences and subsidiary (GRC) under programs of the federal government for the year ended October 31, 2025. The information in the 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 GRC, it is not intended to and does not present the financial position, changes in net assets or cash flows of GRC. For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between GRC and agencies and departments of the federal government. GRC did not pass through any amounts to sub-recipients for the year ended October 31, 2025. GRC has elected not to utilize the 10 percent deminimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement when applicable.