Notes to SEFA
Soledad Enrichment Action, Inc. and Subsidiary (“SEA, Inc.” or the “Organization”) is a California not-for-profit corporation and is required by the terms of its federal grant to have a financial related audit (as defined in the Government Auditing Standards).
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Organization under programs of the federal government for the year ended June 30, 2024. 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 SEA, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of SEA, Inc.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 48 U.S. Code of Federal Regulations Part 31, Contract Cost Principles and Procedures, wherein certain types of expenditures are now allowable or are limited as to reimbursement. SEA, Inc. has elected to use the 10% de minimis indirect cost rate under the Uniform Guidance.
SEA, Inc. has not provided any federal awards to subrecipients from the federal expenditures presented in the Schedule for the year ended June 30, 2024.