Notes to SEFA
Title: Basis of Presentation
Accounting Policies: See Basis of Presentation
De Minimis Rate Used: N
Rate Explanation: See Summary of Significant Accounting Policies
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Maine Space Grant Consortium and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the audit 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). Federal awards are included in the financial statements under federal awards revenue.
Title: Summary of Significant Accounting Policies
Accounting Policies: See Basis of Presentation
De Minimis Rate Used: N
Rate Explanation: See Summary of Significant Accounting Policies
The Consortium was awarded a provisional rate of 19.29% for the year ended February 28, 2023, based on modified total direct costs, for its federal grant expenditures. The Consortium has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.