Notes to SEFA
The accompanying Supplemental Schedule of Expenditures of Federal Awards (“the Schedule”) is prepared 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 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, changes in net assets, functional expenses or cash flows of the Foundation.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Foundation did not provide federal awards to any subrecipients during the year ended June 30, 2025.
Subsequent to the date of the auditor’s report, the Foundation revised the accompanying Schedule to correct certain amounts previously reported. This revision did not change the reported total federal expenditures for any individual federal program or cluster and did not change the Foundation’s total expenditures of federal awards for the year ended June 30, 2025. Accordingly, the revision did not affect the determination of major federal programs.