Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Papahānaumokuākea Marine Debris Project, Inc. (the “Organization”) under programs of the federal government for the year ended December 31, 2025. The information on this Schedule is prepared 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 or changes in net assets of the Organization.
A summary of the Organization’s significant accounting policies consistently applied in the preparation of the accompanying Schedule of Expenditures of Federal Awards. Expenditures reported on the Schedule have been prepared on the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
The Organization has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.