Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the activity of New Garden Park, Inc. under programs of the federal government for the year ended December 31, 2025. The information in the 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 the Federal Awards (the Uniform Guidance). The Schedule presents only a selected portion of the activity and operations of New Garden Park, Inc. This schedule is not intended to, and does not, present the financial position, changes in net assets, or cash flows of New Garden Park, Inc.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized according to the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or limited as to reimbursement.
New Garden Park, Inc. has elected to not utilize the 10 percent de minimis indirect cost rate as allowed under Section 200.414 of the Uniform Guidance.