Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of Virginia Early Childhood Foundation under programs of the federal government for the year ended June 30,2025. The Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Because tje Schedule presents only a selected portion of the operations of Virginia Early Childhood Foundation, is is not intended to and does not present the financial position, changes in net assets, or cash flows of Virginia Early Childhood Foundation.
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.
Virginia Early Childhood Foundation has elected to use the 10 percent de mimimis indirect cost rate as allowed under the Uniform Guidance. In January 2025. Virginia Early Childhood Foundation had one grant in which it has elected to use the 15 percent de mimimis indirect rate as allowed under the Uniform Guidance.
At June 30, 2025, Virginia Early Childhood Foundation had no outstanding loan balances requiring disclosure.