Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Economic Development Alliance of St. Clair County (the “Organization”) for the year ended June 30, 2025. Expenditures reported on the Schedule are reported on the same basis of accounting as the financial statements, the accrual basis, although the basis for determining when federal awards are expended 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 for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization has elected not to use the 10 percent de minimus indirect cost rate to recover indirect costs as allowed under the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
The following schedule reconciles intergovernmental revenue activity reported in the financial statements to the expenditures of federal awards reported on the Schedule: Financial Statements - Grants $3,053,708 Less: local sources (2,235,888) Total Expenditures of Federal Awatds $817,820