Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of East Baltimore Development, Inc., East Baltimore Development Foundation, Inc. and Subsidiary (collectively, the Organizations) 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organizations, it is not intended to, and does not, present the financial position, changes in net assets or cash flows of the Organizations.
Expenditures reported on the Schedule 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 as to reimbursement.
The Organizations have elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organizations do not provide any awards to subrecipients. Therefore, the schedule of expenditures of federal awards has no separate column for amounts awarded to subrecipients.