Notes to SEFA
The federal award activity of Hudson Valley Shakespeare Festival, Inc. and Affiliates d/b/a Hudson Valley Shakespeare (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 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, changes in net assets or cash flows of the Organization.
The Schedule includes federal expenditures of $1,326,753 and $189,433 that were incurred during the years ended December 31, 2024 and 2023. Although these costs were incurred in prior years, the grant award approved in 2025 allowed for the reimbursement of eligible prior-year expenditures. The related award was recognized as grant revenue in the consolidated financial statements for the year ended December 31, 2025. Accordingly, these expenditures are reported on the Schedule for the year ended December 31, 2025, as that is the year in which the federal award was approved and the expenditures became reimbursable under the program.