Notes to SEFA
Accounting Policies: Expenditures 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: Both
Rate Explanation: VMIRL uses a predetermined and preapproved indirect cost rate calculated using the simplified method. Overhead costs are combined with eligible activities of Virginia Military Institute for purposes of the rate calculation. Unless otherwise negotiated, indirect costs billed under federal programs were determined based on VMIRLs rate.