Notes to SEFA
The accompanying schedule of accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of People Trust under programs of the federal government for the year ended December 31, 2025. The information in this Schedule is presented in accordance with requirements of 2 CFR 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 People Trust, it is not intended to and does not present the financial position, changes in net assets, or cash flows of People Trust.
(1) 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. (2) Pass-through entity identifying numbers are presented where available.
Program income represents collections on loans receivable. Available program income is used before new draws are made.
People Trust has not elected to use the 10 percent deminimus indirect cost rate allowed under the Uniform Guidance when applicable.