Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Institute does not participate in government grants or contracts that provide for specific indirect cost recovery rates. The Institute has not used the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) has been prepared in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The purpose of the Schedule is to present a summary of those activities of Maine Technology Institute (the Institute) for the year ended June 30, 2023, that have been financed by the U.S. Government. For purposes of the Schedule, federal awards include all federal assistance entered into between the federal government and the Institute and those federal funds awarded to the Institute by a prime recipient. Because the Schedule presents only a selected portion of the activities of the Institute, it is not intended to, and does not present the financial position, results of operations, changes in net assets, and cash flows of the Institute.