Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Improving Economies for Stronger Communities (IESC) 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 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 IESC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of IESC as a whole.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit-Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Total federal award expenditures per schedule of expenditures of federal awards $ 19,934,748 Add contract fees earned 62,819 Federal award revenue per statement of activities $ 19,997,567
IESC has a federally negotiated indirect cost rate (NICRA) and, accordingly, does not elect to use the de minimis indirect cost rate allowed under Uniform Guidance.