Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Company for the year ended August 31, 2025. 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 Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the Company, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Company.
Expenditures are reported on the accrual basis of accounting. The accrual basis of accounting recognizes revenues when they are earned and expenses when they are incurred. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to their reimbursement.
The Company has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The Company had no loan or loan guarantee programs outstanding as of the end of the audit.