Notes to SEFA
A. Basis of Presentation The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the Foundation 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 (CFR) Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Foundation, it is not intended to and does not present the financial position, results of its operations, or cash flows of the Foundation. B. Basis of Accounting This financial statement is prepared 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 to reimbursement. C. Use of Estimates The expenditures incurred for reporting on the financial statement require management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates.
The Foundation has elected not to use the 10 percent de minims indirect cost rate as allowed under the Uniform Guidance. The Foundation uses the 15% rate allowed by the County. The same rate is applied to all government funding.
The amounts shown as expenditures on the schedule represent only the federal grant portion of the program’s total costs. Entire program costs, including the Foundation’s portion, exceed the amounts shown on the schedule of expenditures of federal awards.
The Foundation did not provide any federal awards to subrecipients for the year ended June 30, 2025.