Notes to SEFA
Federal award expenditures, as reported in the schedule of expenditures of federal awards (the Schedule), correspond with the amount grants revenue in the Agency’s basic financial statements for the year ended June 30, 2025, since the Agency’s policy is to recognize revenues as budgeted costs attributable to grants and contracts are incurred. 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 the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency.
The following reconciles federal awards revenues as included in the accompanying schedules to government grants revenue as reported in the basic financial statements of the Agency: