Notes to SEFA
Basis of presentation – The schedule of expenditures of federal awards (the schedule) is prepared on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance, and include costs that are recognized as expenses in CFC’s financial statements in conformity with generally accepted accounting principles. CFC has elected to use a 10% de minimus rate for indirect costs. CFC does not have any subrecipients. Because the schedule presents only a selected portion of the operations of CFC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CFC.
The following amount reported in the schedule relate to expenditures incurred during fiscal year ended December 31, 2024: Assistance listing #21.027, COVID-19 – Coronavirus State and Local Fiscal Recovery Funds, Contract Number SLFRFP1966: $27,437. This amount reflects prior year expenditures that are being reported in the current year schedule in accordance with guidance and approval of the grantor.