Notes to SEFA
The accompanying schedule of expenditures of federal awards summarizes the expenditures of the Organization under programs of the federal government for the year ended June 30, 2025, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the provisions of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization did not receive or expend federal awards in the form of non-cash assistance and had no federal loan guarantees at June 30, 2025.
The Organization elected not to use the ten percent de Minimis indirect cost rate under Title 2 U.S. CFR Part 200, Subpart E, Cost Principles for the year ended June 30, 2025.