Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Montgomery County Land Reutilization Corporation (the Corporation) under programs of the federal government for the year ended December 31, 2025. The information on 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 Corporation, it is not intended to and does not present the financial position or changes in net position of the Corporation.
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 Authority has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
Certain Federal programs require the Corporation to contribute non-Federal funds (cost sharing or matching funds) to support the Federally-funded programs. The Corporation has met its cost sharing requirements. The Schedule does not include the expenditure of non-Federal cost sharing funds.