Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Foundation 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 Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule represents only a selected portion of the operations of the Foundation, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of the Foundation.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Foundation charges indirect costs to federal awards using the indirect cost rate specified by the respective federal awarding agency, or pass–through entity, when such a rate is provided in the award agreement. For federal awards that do not have an indirect cost rate is specified, the Foundation has elected to use the 15 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Foundation did not provide federal awards to subrecipients during the year ended December 31, 2025.
The Foundation had no insurance in effect, relating to federal funds, for the year ending December 31, 2025. The Foundation had no loans or loan guarantees, relating to federal funds, outstanding at December 31, 2025.