Notes to SEFA
The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Mosholu Montefiore Community Center, Inc. and Affiliates (the “Organization”) 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 the 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 Organization, it is not intended to and does not represent the combined financial position, changes in net assets or cash flows of the Organization.
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.
The Organization has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance for awards prior to October 1, 2024. For new federal awards or amendments issued on or after October 1, 2024, the Organization has elected to use the 15 percent de minimis indirect cost rate allowed under the Uniform Guidance.