Notes to SEFA
The accompanying schedule of expenditures of federal awards and State awards (the Schedule) includes the federal and state grant activity of the organization under programs of the federal government and the State of North Carolina for the year ended December 31, 2025. The information in this 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 and the State Single Audit Implementation Act. 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.
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 and/or OMB Circular A-122, Cost Principles for Non- Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization has elected not to use the 15-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization has no loans outstanding with compliance requirements at year end.