Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Foundation First under programs of the federal government for the year ended June 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 Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Foundation First, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Foundation First.
(1) Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available. (3) The Organization did not elect to use the 15% de minimis indirect cost rate. (4) The Organization did not pass any federal awards through to sub-recipients during the year ended June 30, 2025.
Federal revenues are reported in the audited statements as follows: See Notes to the SEFA for table.