Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistance (the “Schedule”) includes the federal award and state financial assistance activity of Champions for Children, Inc. (“the Agency”) under programs of the federal government and projects of the state of Florida government for the year ended December 31, 2025. 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”). Because the Schedule presents only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency.
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 allowable or are limited as to reimbursement.
The Agency has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
These federal programs and state projects are subject to financial and compliance audits by grantor agencies which, if instances of material noncompliance are found, may result in disallowed expenditures and affect the Agency’s continued participation in specific programs. The amount, if any, of expenditures which may be disallowed by the grantor agencies cannot be determined at this time, although the Agency expects such amounts, if any, to be immaterial.