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Governments that are subject to the Single Audit Act are required to prepare and have audited a Schedule of Expenditures of Federal Awards (SEFA).
The SEFA, which is prepared by the auditee and considered supplementary information to the financial statements, is a key part of the reporting package required by the Uniform Guidance. The SEFA also serves as the primary basis that auditors use to determine which programs will be audited as part of the single audit.
The Schedule of expenditures of Federal awards (SEFA) must include the total Federal awards expended and be prepared for the same period as the financial statements on a cash basis.
Total amounts expended on each award and the Assistance Listings Number of each award; Total amounts provided to sub-recipients from each award; Information on loan or loan guarantee programs; Notes describing docHub accounting policies used in preparing the SEFA; and.
The Schedule of Expenditures of Federal Awards (SEFA) is a financial statement schedule prepared by management that lists an organizations expenditures of federal assistance for the fiscal year by federal agency, grant number and amount.
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A SEFA does contain financial statement numbers, but it also contains other information not typically found in a general ledger, such as federal agency assistance listings numbers, pass-through entities, program names, and subrecipient information.
The recipient must report the fair market value at the time of receipt or the assessed value provided by the awarding agency of the non-cash items on the SEFA. Regardless of the basis of accounting used by the recipient, non-cash awards are reported in the fiscal year they are received.

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