Notes to SEFA
The accompanying schedules of expenditures of federal awards (the "Schedule") include the federal award activity of The Foundation for the New Jersey Hall of Fame, Inc. (the "Foundation") 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 (the "Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the Foundation, they are not intended to and do not present the financial position, change in net assets, or cash flows of the Foundation.
Expenditures reported on the Schedules 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 reimbursement.