Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Downtown Grand Rapids, Inc. under programs of the federal government for the year ended June 30, 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 Downtown Grand Rapids, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Downtown Grand Rapids, Inc.
Expenditures reported on the Schedule are reported on the cash 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.
For purposes of charging indirect costs to federal awards, Downtown Grand Rapids, Inc. has elected not to use the 10 percent de minimis cost rate as permitted by the Uniform Guidance.
Downtown Grand Rapids, Inc. administers certain federal awards programs through a subrecipient. Of the federal expenditures presented in the Schedule of Expenditures of Federal Awards, Downtown Grand Rapids, Inc. provided federal awards to the City of Grand Rapids as a subrecipient totaling $1,576,375.