Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Frida Kahlo Community Organization under programs of the federal government for the year ended December 31, 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 the Schedule presents only a selected portion of the operations of Frida Kahlo Community Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Frida Kahlo Community Organization.
The Expenditures reported on the Schedule are reported on the modified cash basis of accounting, consistent with the basis used to prepare the financial statements. 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. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior periods.
The Organization did not elect to use the de minimis Indirect Cost Rate permitted by 2 CFR 200.414(f).