Notes to SEFA
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of the Power Authority of the State of New York (“New York State Power Authority (NYPA)”) under programs of the federal government for the year ended December 31, 2025. The schedule is presented using the accrual basis of accounting. The information in this SEFA 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 SEFA presents only a selected portion of the operations of NYPA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of NYPA.
Expenditures reported on the SEFA are reported once the expenditures are incurred and the obligation of funds from the named federal agencies on the SEFA. 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. NYPA has not elected to use the de minimis indirect cost rate allowed under the Uniform Guidance. NYPA did not pass-through any federal awards to subrecipients during the year ended December 31, 2025.