Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Downtown Detroit Partnership, Inc. and Affiliates (the “Organization”) for the year ended December 31, 2025. The information in the 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is a basis of accounting in accordance with accounting principles generally accepted in the United States of America. 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.
The Organization has not elected to use the 15% de minimis indirect cost rate.
The Coronavirus State and Local Fiscal Recovery Funds Program presented in the Schedule includes $2,070,730 of expenditures incurred in fiscal year 2024 that were reported in fiscal year 2025. In accordance with 2 CFR § 200.502, federal awards are reported based on when the activity related to the federal award occurs, and the Schedule of Expenditures of Federal Awards (SEFA) is prepared in accordance with 2 CFR § 200.510. These expenditures relate to multi-year projects and were recognized in fiscal year 2025 in accordance with the terms and conditions of the award.