Notes to SEFA
The Commission did not expend federal awards related to loans or loan guarantees during the year ended December 31, 2025.
During the year ended December 31, 2025, the Commission expended $15,870,839 to sub-recipients.
The Commission did not receive any noncash assistance or federally funded insurance during the year ended December 31, 2025.
Grant monies received and disbursed by the Commission are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the Commission does not believe that such disallowance, if any, would have a material effect on the financial position of the Commission.
The Commission is also the sub-recipient of federal funds that have been subjected to testing and are reported as expenditures and listed as federal pass-through funds. Federal awards other than those indicated as pass-through are considered to be direct.
Federal awards revenues are reported in the Commission’s fund financial statements as follows: