Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of CNFA under programs of the federal government for the year ended December 31, 2025. 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 Guidance). Because the Schedule presents only a selected portion of the operations of CNFA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CNFA as a whole.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Total revenue from Government grants, cooperative agreements and contracts per statement of activities $29,033,505 Fixed fee and other grant revenue in excess of expenditures (146,010) Total expenditures of federal awards $28,887,495
CNFA has a federally negotiated indirect cost rate (NICRA) and, accordingly, does not elect to use the de minimis indirect cost rate allowed under Uniform Guidance.