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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Pass-Through Activity

Special Conditions
Nonmonetary Assistance

According to the Code of Federal Regulations (2 CFR 200.1), federal financial assistance is the assistance a non-federal agency receives, which may include nonmonetary assistance. Nonmonetary assistance for an agency is the non-cash federal financial assistance the agency receives in the form of:

  • Non-cash contributions
  • Donated property
  • Food commodities
  • Other non-cash commodities

Nonmonetary assistance must be recorded either at the fair market value at the time the assistance was received or at the value assessed by the federal awarding agency (2 CFR 200.502[g]).

Agencies must enter nonmonetary assistance expenditure records in the SEFA web application and identify the expenditure record as nonmonetary assistance by selecting the nonmonetary check box. Nonmonetary assistance is not reported as federal revenue on the operating statement. Therefore, nonmonetary assistance must be disclosed in SEFA’s Note 1: Nonmonetary Assistance and included as a reconciling item in SEFA’s Note 2: Reconciliation.

Nonmonetary assistance examples include:

  • Insurance — the fair market value of the contract at the time of receipt or the assessed value provided by the federal agency.
  • Free rent — the fair market value at the time of receipt or the assessed value provided by the federal agency. Free rent is not considered an award expended unless it is received as part of an award to carry out a federal program.
  • Endowments — value equals the cumulative balances of federally restricted amounts.
  • Food Stamps and Federal Surplus Property — the fair market value at the time of receipt or the assessed value provided by the federal agency.