Title: Note 1 – Basis of Presentation
Accounting Policies: Note 1 – Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the University Industry Demonstration Partnership, 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 audit 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 the University Industry Demonstration Partnership, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University Industry Demonstration Partnership, Inc.
De Minimis Rate Used: Y
Rate Explanation: Note 3 – Indirect Cost Rate
The University Industry Demonstration Partnership, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the University Industry Demonstration Partnership, Inc. under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the audit 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 the University Industry Demonstration Partnership, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University Industry Demonstration Partnership, Inc.
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: Note 1 – Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the University Industry Demonstration Partnership, 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 audit 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 the University Industry Demonstration Partnership, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University Industry Demonstration Partnership, Inc.
De Minimis Rate Used: Y
Rate Explanation: Note 3 – Indirect Cost Rate
The University Industry Demonstration Partnership, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
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.
Title: Note 3 – Indirect Cost Rate
Accounting Policies: Note 1 – Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the University Industry Demonstration Partnership, 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 audit 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 the University Industry Demonstration Partnership, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University Industry Demonstration Partnership, Inc.
De Minimis Rate Used: Y
Rate Explanation: Note 3 – Indirect Cost Rate
The University Industry Demonstration Partnership, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The University Industry Demonstration Partnership, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 – Subrecipients
Accounting Policies: Note 1 – Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the University Industry Demonstration Partnership, 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 audit 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 the University Industry Demonstration Partnership, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University Industry Demonstration Partnership, Inc.
De Minimis Rate Used: Y
Rate Explanation: Note 3 – Indirect Cost Rate
The University Industry Demonstration Partnership, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Of the federal expenditures presented in the Schedule, the University Industry Demonstration Partnership, Inc. provided a total of $94,120 in federal awards to subrecipients from its Engineering Research Visioning Alliance (ERVA) award (Federal Assistance Listing # 47.041).