Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (SEFA) and Schedule of Expenditures of State Financial Assistance (SESFA) present the federal and state financial assistance expenditures of Newark Community Street Team, Inc. for the year ended December 31, 2025. The information in these schedules 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) and the New Jersey State Grant Compliance Supplement. Because the schedules present only a selected portion of the operations of Newark Community Street Team, Inc., they are not intended to and do not present the financial position, changes in net assets, or cash flows of Newark Community Street Team, Inc.
Expenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and the New Jersey Circular’s OMB 25-12 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Newark Community Street Team, Inc. has elected to use the 15 percent de minimis indirect cost rate allowed under the Uniform Guidance, although a lower rate was used on some grants.
Amounts reported in the accompanying schedules agree to or are reconciled with the amounts reported in the related financial statements for the year ended December 31, 2025.