Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Farmers Union Foundation (a consolidated entity with respect to Minnesota Farmers Union) under programs of the federal government 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 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 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Materials and supplies purchased for the program are recorded at cost.
No amounts were provided to subrecipients.
The Organization has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance.
The Meat and Poultry Intermediary Lending Program (ALN 10.382) finances the start‐up, expansion or operation, and processing of meat and poultry in the State of Minnesota. A summary of the loan activity for the year ended December 31, 2025 is shown below: 2025 Loans receivable, beginning $ 378,000 New loans issued 2 25,000 TOTAL $ 603,000