Notes to SEFA
The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of AsylumWorks 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 for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of AsylumWorks, it is not intended to and does not present the financial position, changes in net assets or cash flows of AsylumWorks.
All of AsylumWorks’ federal awards were in form of cash assistance for the year ended September 30, 2025. AsylumWorks had no federally funded insurance programs or loan guarantees during the year ended September 30, 2025. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. AsylumWorks elected to use the Federal de minimis cost rate.
The following summary reconciles total federal awards with the audited financial statements for the year ended September 30, 2025: