Notes to SEFA
Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIESBasis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes thefederal grant activity of Griffiss Institute Inc. (GI), an entity as defined in Note 1 to GIsconsolidated financial statements, under programs of the federal government for the yearended December 31, 2022. The information in this Schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operationsof GI, it is not intended to and does not present the financial position, changes in net assets, orcash flows of GI.Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.The amounts reported as federal expenditures were obtained from the financial records detail,which is the source of the consolidated financial statements.Use of SubrecipientsThere were no awards passed through to subrecipients as indicated on the Schedule.Cluster ProgramsThe Air Force Defense Research Sciences Program and the Science, Technology,Engineering & Mathematics (STEM) Education, Outreach and Workforce Program areconsidered part of the research and development cluster as identified by the OMBCompliance Supplement.De Minimis Indirect Cost RateGI has not elected to use the 10 percent de minimis indirect cost rate as allowed under theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.