Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity for all programs of BUDC under programs of the federal government for the year ended December 31, 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 (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.
Certain expenditures included in the Schedule of Expenditures of Federal Awards for the year ended December 31, 2025 relate to program activities performed in a prior year. These expenditures were initially funded by a non federal grant. In the current year, the BUDC determined that these costs were allowable and allocable to the federal award under 2 CFR 200, and therefore recognized them as federal expenditures in the current reporting period.