The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Services for the UnderServed, Inc. and Affiliated Organizations (collectively, SUS), under programs of the federal government for the year ended June 30, 2025. 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 SUS, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SUS.
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.
SUS has elected not to use the 10% (which increases to 15% effective October 1, 2024) de minimis indirect cost rate allowed under the Uniform Guidance. SUS’s claims for indirect cost are limited to the amounts or rates allowed in the contract or budget.
Amounts presented in the Schedule are presented in dollars; however, the amounts presented in the consolidated financial statements are presented in thousands.
The accompanying Schedule presents federal expenditures of SUS. Expenditures of certain federal programs were awarded to SUS and Palladia, Inc., (a wholly controlled entity of SUS) under their respective Employer Identification Number. Total expenditures of federal awards for Services for the UnderServed, Inc. and Palladia, Inc. (a wholly controlled entity of SUS) for the year ended June 30, 2025 are summarized below. (See Notes to Schedule of Expenditures of Federal Awards Note 5 for detailed table).
SUS has evaluated subsequent events occurring after the consolidated financial statements date of June 30, 2025 through November 24, 2025, except for its report on the supplemental schedule of expenditures of federal awards, for which the subsequent events date is March 27, 2026, which is the date these consolidated financial statements were available to be issued. No events arose during those periods that would require adjustments or additional disclosures.