Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Steel Valley Authority (the “Authority”) and is presented on the accrual basis of accounting. 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 the Authority, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Authority.
Of the federal expenditures presented in the schedule, the Authority did not provide federal awards to a sub-recipient.
The Authority passed, and had approved by the appropriate agency, budgets for the year ended December 31, 2025.
The grant revenue amounts received and expensed are subjected to audit and adjustments. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the Authority. In the opinion of management, all grant expenditures are in compliance with the terms of the agreements and applicable federal, state, and local laws and regulations.