Notes to SEFA
Title: General information
Accounting Policies: The schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. For Federal Government grants, the indirect cost rate is between 78 and 82 percent.
The accompanying schedule of expenditures of federal awards presents the activities in all the federal programs of New York Stem Cell Foundation, Inc. (“NYSCF”). All federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies or nonprofit organizations are included on the schedule.
Title: Basis of accounting
Accounting Policies: The schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. For Federal Government grants, the indirect cost rate is between 78 and 82 percent.
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
Title: Relationship to basic financial statements
Accounting Policies: The schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. For Federal Government grants, the indirect cost rate is between 78 and 82 percent.
Federal program expenditures are reported in the financial statements. In certain programs, the expenditures reported in the consolidated financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to capitalization of assets, organizations matching or in-kind contributions.
Title: Indirect cost rate
Accounting Policies: The schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. For Federal Government grants, the indirect cost rate is between 78 and 82 percent.
For Federal Government grants, the indirect cost rate is between 78 and 82 percent.