Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of MQVN Community Development Corporation, Inc. under programs of the federal government for the year ended June 30, 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 Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of MQVN Community Development Corporation, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of MQVN Community Development Corporation, Inc.
Expenditures reported on the schedule are reported on 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 reimbursements.
MQVN Community Development Corporation, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.