Notes to SEFA
The accompanying schedule of expenditures of federal awards includes federal award activity of the Organization under programs of the federal government for the year ended June 30, 2025. The information in the 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 this schedule only presents a selected portion of the operations of the Organization, it is not intended to and does not present the consolidated financial position, changes in net assets, functional expenses, or cash flows of the Organization.
The Organization’s schedule of expenditures of federal awards includes the presentation of amounts passed through to subrecipients of $3,552,521. These amounts were passed through to Hope Shines Bright Holding Company Inc., which consolidates with the Organization for financial reporting purposes. While these passed through amounts eliminate upon consolidation and are not presented as part of the consolidated financial statements of the Organization, they are being included separately in the schedule of expenditures of federal awards to appropriately present amounts passed through to subrecipients.