Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Penquis C.A.P., Inc. (the Organization) 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 Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Penquis C.A.P., Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Penquis C.A.P., Inc.
The Organization does not have any subrecipients and accordingly has not incurred any subrecipient expenditures.
The Organization's consolidated financial statements include the operations of MaineStream Finance, which expended $37,995 in federal awards which is not included in the SEFA for the year ended September 30, 2025.