Notes to SEFA
The accompanying schedule of expenditures of federal awards of Friends for Life Corporation is presented on the accrual basis of accounting. The information in the 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. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the presentation of the basic financial statements.
Expenditures reported in 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.
Friends for Life Corporation uses the 10% de minimis indirect cost rate as allowed under the Uniform Guidance for direct funding grants. Actual indirect costs are allocated to pass-through grants as allowed by the grant contracts.
Friends for Life Corporation did not pass any awards through to subrecipients for the year ended June 30, 2025.