Notes to SEFA
Title: Basis of Accounting
Accounting Policies: Basis of Accounting, Deminimus Indirect Cost Rate
De Minimis Rate Used: N
Rate Explanation: Used cost raes per the funding contracts.
The expenditures reported on the accompanying schedule of expenditures of federal awards have been recorded on the accrual basis of accounting which recognizes expenditures when incurred, in accordance with U.S. generally accepted accounting principles. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
Title: Deminimus Indirect Cost Rate
Accounting Policies: Basis of Accounting, Deminimus Indirect Cost Rate
De Minimis Rate Used: N
Rate Explanation: Used cost raes per the funding contracts.
Iup Research Institute has elected not to use th eten percent deminimus indirect cost rate allowed under the Uniform Guidance.