Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of TRAILS under programs of the federal government for the nine months ended June 30, 2025. The information in this Schedule is presented in accordance with the audit 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 TRAILS, it is not intended to and does not present the financial position, changes in net assets, or cash flows of TRAILS.
“See the Notes to the SEFA for chart/table”