Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistance present the activity of all federal and state award programs of the organizations. All federal and state awards, with current year activity, received directly from federal, state, and local agencies, as well as federal and state awards passed through other government agencies, are included in the schedule. The Schedule includes the federal award activity of Saint Joseph’s Carpenters Society and subsidiaries (the “Organization”) 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 the 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.
Amounts reported in the accompanying schedule agree, in all material respects, with the amounts reported in related federal and state financial statements.
Amounts reported in the accompanying schedules agree, in all material respects, with the amounts reported in related federal and state financial reports. However, the basis of accounting prescribed by the pass-through agency for the preparation of expenditure reports is different than the accrual basis of accounting. The basic difference between the two bases of accounting is that the equipment purchased with program funds are included as expenditures in the expenditure reports, while Generally Accepted Accounting Principles (“GAAP”) requires these items to be capitalized and depreciated over their useful lives.
Major programs are identified in the Summary of Auditors’ Results section of the Schedule of Findings and Questioned Costs.