Notes to SEFA
Title: Basis of Presentation
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, Cost Principles for Non-Profit Organizations, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee used the direct allocation method assigned in the contract.
The accompanying schedule of expenditures of federal awards (“the Schedule”) includes the
federal grant activity of Institute for Human Centered Design, Inc under programs of the
federal government for the year ended June 30, 2022. The information in this Schedule is
presented 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). Because the Schedule presents only a selected
portion of the operations of Institute for Human Centered Design, Inc it is not intended to,
and does not, present the financial position, changes in net assets, or cash flows of Institute
for Human Centered Design, Inc.
Title: Summmary of Significant Accounting Policies
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, Cost Principles for Non-Profit Organizations, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee used the direct allocation method assigned in the contract.
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, Cost Principles for Non-Profit Organizations, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
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, Cost Principles for Non-Profit Organizations, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee used the direct allocation method assigned in the contract.
Institute for Human Centered Design, Inc has elected not to use the 10% de minimis indirect
cost rate allowed under the Uniform Guidance.