Notes to SEFA
Title: Contingency
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal award activity of Universities
Space Research Association (the Organization), under programs of the federal government for the year ended
September 30, 2022 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). Therefore, some amounts presented in this schedule may differ from amounts presented or used in the
preparation of the basic financial statements. 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. The accompanying schedule of expenditures of federal awards reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The Organization has not elected to use the 10
percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The grant revenue amounts received and expenses (eligible for reimbursement) are subject to audit adjustment. If any expenses are disallowed by the grantor as a result of such audit, a claim for reimbursement to the grantor would become a liability of the Organization. In the opinion of management, all grant expenses (eligible for reimbursement) are in compliance with the terms of the grant agreement and applicable federal and state laws and regulations.