Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal and state award activity of Family Resource Agency, Inc. under programs of the federal and state governments for the year ended December 31, 2024. 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 Schedule presents only a selected portion of the operations of Family Resource Agency, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Family Resource Agency, Inc.
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.
Family Resource Agency, Inc. has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance