Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Community Financial Resources (the Organization) under programs of the federal government 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). 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, functional expenses or cash flows of the Organization. Federal expenditures of $1,131,614 are presented in the Organization’s financial statements under their functional categories.
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. The Organization recognizes grants’ revenues and expenses to the extent that eligible grant costs are incurred. The Organization did not incur any indirect costs for the year ended December 31, 2025.
The Organization did not provide any federal awards to subrecipients during the year ended December 31, 2025.