Notes to SEFA
The accompanying schedule of expenditures of federal awards ("SEFA") includes the federal award activity of Higher Education Consortium of Metropolitan St. Louis ("Organization"), under programs of the federal government fr the year-ended August 31, 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 SEFA presents only a selected portion of the operations for the Organization, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Organization. If the Organization is required to match certain federal assistance, as defined by the grant agreements, no such matching has been included as expenditures in the schedule.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
The Organization has not elected to use the de minimis indirect cost rate to recover allowable indirect costs for federal grants.
Federal awards included in the accompanying SEFA are reported as government grants in the statement of activities.