Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of New Schools for Alabama (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 for Federal Awards (“Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Funds shown as federal expenditures under the program are the original federal funds drawn plus interest and fees earned. $10,765,268 of the funds are being held in accounts with financial institutions in accordance with the program requirements. No funds were expended for defaults on obligations secured or collateralized in accordance with the program for the fiscal year ended September 30, 2025. Interest earned on the funds through September 30, 2025 totaled $215,268 and remained with the grant funds to be expended.