Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the SEFA) includes the federal award activity of the Foundation for the year ended June 30, 2025. The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards, (Uniform Guidance). Because the SEFA presents only a selected portion of the operations, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Foundation.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as well as other applicable provisions of contracts and grant agreements, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Foundation did not elect to use the de minimis indirect cost rate as allowed under the Uniform Guidance.