Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of MAG America, Inc. (MAG US) under programs of the federal government for the year ended December 31, 2025. The information in the Schedule is presented in accordance with the requirements of the Title 2 U.S. 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 MAG US, it is not intended to and does not present the financial position, change in net assets or cash flows of MAG US.
Expenditures reported on the Schedule are reported on the accrual basis as defined in the Uniform Guidance. Under these guidelines, amounts provided to subrecipients are reflected in the Schedule when advanced. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Subrecipient advances are included in the Schedule and total $11,722,877.
MAG US uses the de minimis option of the Uniform Guidance.