Notes to SEFA
The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state grant activity of Mainspring Conservation Trust, Inc.’s (Mainspring) and its Subsidiary, under programs of the federal and state governments for the year ended December 31, 2025. The information in this 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 (Uniform Guidance) and the State Single Audit Implementation Act. Because the schedule presents only a selected portion of the operations of Mainspring, it is not intended to and does not present the financial position, changes in net assets or cash flows of Mainspring.
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.
Mainspring has elected to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
Mainspring did not pass-through federal or state funds to subrecipients during the fiscal year ended December 31, 2025.