Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal award activity of Interfaith Works, Inc. (IW) under programs of the Federal Government for the year ended June 30, 2025. Information in the Schedule is presented in accordance with the requirements 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). The Schedule presents only a selected portion of the operations of IW and, accordingly, it is not intended to and does not present the financial position, change in net assets or cash flows of IW.
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. IW has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. For the awards from the U.S. Department of Housing and Urban Development, IW used an indirect rate that approximated 9.9% as allowed by the approved budgets related to each grant awarded under ALN 14.267. For the awards from the U.S. Department of Health and Human Services, which are passedthrough Montgomery County Maryland Department of Health and Human Services, IW used an indirect rate of 13.82% and a fringe rate of 14.06% during the year ended June 30, 2025. The indirect and fringe rates were provided by Montgomery County Maryland Department of Health and Human Services.
Support from Federal, state, and county grants as reported on the accompanying Consolidated Statement of Activities and Change in Net Assets totaled $14,367,745 for the year ended June 30, 2025. Since this amount does not agree to the Schedule, following is a reconciliation of the Schedule to the total support from Federal, state, and county grants for the year ended June 30, 2025: Federal expenditures reported on the Schedule $ 1,171,263 Non-Federal expenditures (state and county grants) 13,196,482 TOTAL $ 14,367,745