Notes to SEFA
Title: Pass Thru Awards
Accounting Policies: Basis of PresentationThe schedule of expenditures of federal awards (the Schedule) is prepared on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of State and Local Governments and Non-Profit Foundations. Because the Schedule presents only a selected portion of the operations of Cleveland VA Medical Research and Education Foundation, Inc. (the Foundation), it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Foundation.Summary of Significant Accounting PoliciesExpenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Foundations, 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.
Pass-Through AwardsThe Foundation receives federal financial assistance from various Foundations which are pass-through awards from federal grantors. The amounts of direct awards and pass-through awards are included on the schedule of expenditures of federal awards.
Title: Subrecipients
Accounting Policies: Basis of PresentationThe schedule of expenditures of federal awards (the Schedule) is prepared on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of State and Local Governments and Non-Profit Foundations. Because the Schedule presents only a selected portion of the operations of Cleveland VA Medical Research and Education Foundation, Inc. (the Foundation), it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Foundation.Summary of Significant Accounting PoliciesExpenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Foundations, 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.
SubrecipientsOf the federal expenditures presented in the Schedule, the Foundation provided federal awards to subrecipients as follows:CFDA No.Federal ProgramAmount Provided to Subrecipients12.420Military Medical Research and Development$ 327,769As a subrecipient, the Foundation has certain compliance responsibilities, such as monitoring its subrecipients to help assure they use these sub-awards as authorized by laws, regulations, and the provisions of contracts or grant agreements, and that subrecipients achieve the awards performance goals.