Notes to SEFA
Title: Basic of Presentation
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Consortium has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance but is using a capped rate of 22% for ALN 12.630 and a capped rate of 26.12% for ALN 12.300.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of the Consortium of Universities of the Washington Metropolitan Area (the Consortium) under programs of the federal government for the year ended June 30, 2023. The information on the SEFA 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 SEFA presents only a selected portion of the operations of the Consortium, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Consortium.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Consortium has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance but is using a capped rate of 22% for ALN 12.630 and a capped rate of 26.12% for ALN 12.300.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Consortium has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance but is using a capped rate of 22% for ALN 12.630 and a capped rate of 26.12% for ALN 12.300.
The Consortium has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.