Notes to SEFA
The accompanying schedule of expenditures of federal awards (“SEFA”) includes the federal grant activity of Combined Arms (the “Organization”) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the audit 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”). Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the financial statements.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles as found in the Uniform Guidance for federal awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization has not elected to use the 15% de minimus indirect cost rate allowed under the Uniform Guidance.
Amounts reflected in the financial reports filed with grantor agencies for the programs and the supplementary schedules may not agree because of accruals included in the next report filed with the agencies, matching requirements not included in the SEFA and different program year-ends.
The Organization had no federal insurance programs in effect and no loan or loan guarantee programs outstanding during the year ended December 31, 2025