Notes to SEFA
The accompanying schedule of expenditures of federal awards ("the Schedule") includes the federal grant award programs of the Montgomery Community Action Committee and Community Development Corporation, Inc., and Subsidiaries ("the Agency"), and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards.
Grant monies received and disbursed by the Organization are for specific purposes and are subject to review by grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based on prior experience, the Agency does not believe that such disallowances, if any, would have a material effect on the financial position of the Agency. As of February 28, 2025, management is not aware of any material questioned or disallowed costs as a result of grant audits in process or completed.
The Agency has a negotiated indirect cost provisional rate agreement of 22% allowed under the Uniform Guidance.