Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of the Association for the year ended December 31, 2025 and is presented on the accrual basis of accounting. 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"). The Association elected to use the 15% de minimis indirect cost rate as allowed under Uniform Guidance. For purposes of the Schedule, federal programs are presented by the federal government Assistance Listing Number (ALN) and, where applicable, the major subdivision within the agency. Pass-through programs are presented by each pass-through organization that granted federal funds to the Association. The Schedule should be read in conjunction with the financial statements of the Association. Because the Schedule presents only a selected portion of the transactions of the Association, it is not intended to, and does not, present the financial position, activities, or cash flows of the Association.
The Association did not pass any federal awards through to subrecipients for the year ended December 31, 2025.
No federal awards were expended in the form of noncash awards, insurance, or loans/guarantees. In 2025, the Association received $0 in noncash assistance.