Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal awards activity of Cardinal McCloskey School and Home for Children (“CMCS”) 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 CMCS, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CMCS.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Expenditures reported on the Schedule 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.
CMCS has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.