Notes to SEFA
Title: Note 1. 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 in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Meridian has a negotiated indirect cost rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of Meridian International Center and Affiliate (Meridian) under programs of the federal government
for the year ended September 30, 2023. 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 Meridian, it is not intended to and does
not present the financial position, changes in net assets or cash flows of Meridian.
Title: Note 2. Summary of Significant Accounting Policies - Basis of Accounting
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Meridian has a negotiated indirect cost rate
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types
of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
Title: Note 3. Basis of Computation of 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 in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Meridian has a negotiated indirect cost rate
General and administrative (G&A) expenses are allocated based on the direct expenses incurred by the
departments, excluding participant/escort expenses, amounts in excess of $25,000 paid to each
subrecipient and in-kind contributions. Maintenance and operations (M&O) expenses net of related
income are allocated based on square footage and time and effort. Meridian has recognized revenue and
expenses applying the rate of 32.30% which is less than the approved provisional rate of 33.30% for G&A
costs and at the approved provisional rate of $44.50 per square foot for M&O costs. Indirect cost
allocation is based upon management’s interpretation of the guidance set forth in the Negotiated Rate
Agreement dated June 14, 2022.
Meridian has not elected to use the 10% de minimis cost rate as allowed under the Uniform Guidance.
Title: Note 4. Reconciliation of Schedule of Expenditures of Federal Awards to the Consolidated Statement of Activities and Changes in Net Assets
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Meridian has a negotiated indirect cost rate
See the Notes to the SEFA for chart/table