Notes to SEFA
The Schedule of Expenditures of Federal Awards includes the federal grant activity of Of Color Inc. under programs of the federal government for the year ended December 31, 2025. The information in this Schedule is presented in accordance with requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may offer from amounts presented in, and used in the preparation of, the basic financial statements.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed, or are limited as to reimbursement.
Of Color Inc. has elected to use a 15 percent de minimis indirect rate as allowed under the Uniform Guidance.
Of Color Inc. did not provide federal awards to subrecipients during the year ended December 31, 2025.
There was no federal loans or loan guarantees outstanding at year end.
Of Color Inc. was not a recipient of federally donated PPE.