Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenses 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.
De Minimis Rate Used: N
Rate Explanation: Indirect costs allocated to awards for the year ended December 31, 2022, were based on a rate negotiated with the Organizations cognizant federal agency, the Department of Health and Human Services. The Organization does not utilize the 10% de minimis indirect cost rate per CFR 200.414.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Medical Device Innovation Consortium (the Organization) under programs of the federal government for the year ended December 31, 2022. The information in this Schedule 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 Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.