Title: Reconciliation of grant expenditures to award
Accounting Policies: 1) Basis of presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal grant activity of SER Corporation under programs of the federal government for the year
ended June 30, 2023. The information in this schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance).
(2) Summary of significant accounting policies
Expenditures reported on the accompanying 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Reconciliation of grant expenditures to award
The granting period from the July 1, 2021 – June 30, 2022 award of $1,243,435 was extended
through September 30, 2022 and the granting period for the July 1, 2022 – June 30, 2023
award of $1,318,690 was extended through September 30, 2023. Reconciliation of grant expenditures to award (continued)
The following tables show grant funds expended through June 30, 2023 and June 30, 2022,
respectively, and the remaining grant funds expended from July 1, 2022 to September 30, 2022
and July 1, 2023 to September 30, 2023, respectively:
Program Budget Expended Expended
Year 7/01/2021-9/30/2022 7/01/2021-6/30/2022 7/01/2022-9/30/2022
2021 1,243,435$ 1,238,000$ 5,435$
Budget Expended
7/01/2022-9/30/2023 7/01/2022-6/30/2023 (Over) Under*
2022 1,318,690$ 1,190,000$ 128,690$
*These funds were received and expended during the period July 1, 2023 through
September 30, 2023.
Title: Contingency
Accounting Policies: 1) Basis of presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal grant activity of SER Corporation under programs of the federal government for the year
ended June 30, 2023. The information in this schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance).
(2) Summary of significant accounting policies
Expenditures reported on the accompanying 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures
are disallowed by the grantor agency as a result of such an audit, any claim for reimbursement
to the grantor agency would become a liability of SER Corporation. In the opinion of
management, all grant expenditures are in material compliance with the terms of the grant
agreements and applicable state laws and regulations.
Title: Other expenditures
Accounting Policies: 1) Basis of presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal grant activity of SER Corporation under programs of the federal government for the year
ended June 30, 2023. The information in this schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance).
(2) Summary of significant accounting policies
Expenditures reported on the accompanying 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SER Corporation did not receive any federal awards in the form of noncash assistance,
insurance, loans, or loan guarantees and incurred no expenditures in relation thereof for the
year ended June 30, 2023
Title: Indirect cost rate
Accounting Policies: 1) Basis of presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal grant activity of SER Corporation under programs of the federal government for the year
ended June 30, 2023. The information in this schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance).
(2) Summary of significant accounting policies
Expenditures reported on the accompanying 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SER Corporation has elected not to use the 10% de minimis cost rate allowed under Section
200.414(f) of the Uniform Guidance.