Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of FPF Education and Innovation Foundation (FPF EIF), 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 US 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 FPF EIF, it is not intended to and does not present the financial position, changes in net assets, or cash flows of FPF EIF.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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.
FPF EIF used the 15 percent de minimis indirect cost rate to charge indirect costs to applicable awards and programs presented in the accompanying supplemental information. The de minimis rate was applied to the applicable direct cost base in accordance with FPF EIF’s established accounting policies for allocating indirect costs. Indirect costs charged using the de minimis rate are included in the amounts reported in the accompanying supplemental schedule. The use of the de minimis rate is intended to provide a consistent method for allocating costs that benefit more than one program or activity and are not readily identifiable with a specific award, program, or function.
There were no awards passed through to subrecipients.
Total Expenditues of Federal Awards for 2025