Notes to SEFA
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. Federal award expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for NonProfit Organizations, or the cost principles contained in Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The amounts reported in the Schedule as expenditures may differ from certain financial reports submitted to grantors due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: For certain grants, the amount expended includes an indirect cost recovery using an approved indirect cost rate of 12%. KID has elected to use the de minimis indirect cost rate allowed under the Uniform Guidance during the year ended June 30, 2022 for other contracts.