Notes to SEFA
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE ‘SCHEDULE’) INCLUDES THE FEDERAL GRANT ACTIVITY ADMINISTERED BY THE FREEPORT BOROUGH FOR THE YEAR ENDED DECEMBER 31, 2024. THE INFORMATION IN THIS 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 (UNIFORM GRANT GUIDANCE – UGG). BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF THE BOROUGH, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION OR CHANGES IN NET POSITION OF FREEPORT BOROUGH.
FEDERAL FINANCIAL AWARD REVENUES ARE INCLUDED IN THE STATEMENT OF REVENUES AND EXPENDITURES UNDER THE LINE ITEM ‘351.00 – ALL OTHER FEDERAL CAPITAL AND OPERATING GRANTS’.