Notes to SEFA
The expenditures for each of the federal financial assistance programs are presented in the Schedule on the accounting basis as presented in the Association’s financial statements. The Association uses the full accrual basis. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-133, Audits of States, Local Governments, and Non-profit Organizations, or 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Association did not receive non-cash federal awards during the year ended December 31, 2025