Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federalaward activity of the Board under programs of the federal government for the year ended September 30,2025. 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 AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the Board, it is not intended to and does not present the financial position,changes in net position, or cash flows of the Board. For purposes of the Schedule, federal awards include all grants, contracts, and similar agreementsentered into directly between the Board and agencies and departments, of the federal government andall sub-awards to the Board by nonfederal organizations pursuant to federal grants, contracts, and similargrants..
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. The amounts reflected in the financial reports submitted to the awarding federal and/or passthroughagencies and the Schedule may differ. Some of the factors that may account for any difference includethe following: The Board's fiscal year end may differ from the program's year end. Accruals recognized inthe Schedule, because of year end procedures, may not be reported in the program financial reportsuntil the next program reporting period. Fixed asset purchases and the resultant depreciation chargesare recognized as fixed assets in the Board's financial statements and as expenditures in the programfinancial reports.
The Board has not elected to use the 10 percent de minimus cost rate allowed under the Uniform Guidance.
The Board is the sub-recipient of federal funds that have been subjected to testing and are reported asexpenditures and listed as federal pass-through funds. Federal awards other than those indicated aspass-throughs are considered direct.
Grant monies received and disbursed by the Board are for specific purposes and are subject to audit bythe corresponding oversight agencies. Such audits may result in requests for reimbursement due todisallowed expenditures. The Board believes that is unlikely that the various agencies would disallow asignificant portion of the expenditures incurred, if any.