Notes to SEFA
The accompanying schedule of expenditures of federal Awards (the “Schedule”) includes the federal grant activity of Flagstaff Bordertown Dormitory Board, Inc. (the “Dormitory”) under programs of the federal government for the year ended June 30, 2025. The information in the 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 the Dormitory, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Dormitory. Expenditures reported on the Schedule are reported on the modified 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. Any negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass‐through entity identifying numbers are presented where available.
The Dormitory has not elected to use the 10% de minimis indirect cost rate.