Title: 4. Other Expenditures
Accounting Policies: (1)Basis of presentationThe 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, 2022. 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 policiesExpenditures 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, 2022.
Title: 5. Contingency
Accounting Policies: (1)Basis of presentationThe 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, 2022. 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 policiesExpenditures 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 the Organization. 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: 6. Reconciliation of grant expenditures to award
Accounting Policies: (1)Basis of presentationThe 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, 2022. 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 policiesExpenditures 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 granting period from the July 1, 2020 June 30, 2021 award of $1,220,211 was extended through September 30, 2021 and the granting period for the July 1, 2021 June 30, 2022 award of $1,243,435 was extended through September 30, 2022. The following tables show grant funds expended through June 30, 2022 and June 30, 2021, respectively, and the remaining grant funds expended from July 1, 2021 to September 30, 2021 and July 1, 2022 to September 30, 2022, respectively:Program Budget Expended ExpendedYear 7/01/2020-9/30/2021 7/01/2020-6/30/2021 7/01/2021-9/30/20212020 $ 1 ,220,211 $ 1,102,000 $ 118,211Budget Expended7/01/2021-9/30/2022 7/01/2021-6/30/2022 (Over) Under*2021 $ 1 ,243,435 $ 1,238,000 $ 5 ,435*These funds were received and expended during the period July 1, 2022 throughSeptember 30, 2022.