Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: The Schedule has been prepared on the accrual basis of accounting which is the method of accounting used for the financial statements. 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. Negative amounts shown on the Schedule, if any, 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: AWARE, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed by Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Organization under programs of the federal government for the year ended June 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 the Organization, it is not intended to and does not present the financial position, changes in net deficit or cash flows of the Organization.
Title: Note 4 -Matching
Accounting Policies: The Schedule has been prepared on the accrual basis of accounting which is the method of accounting used for the financial statements. 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. Negative amounts shown on the Schedule, if any, 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: AWARE, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed by Uniform Guidance.
AWARE, Inc. provided cash and in-kind match in the year ended June 30,2023, for federal awards as follows: Early Head Start 93.600 $283,892
Title: Note 5 - Balance of Outstanding Loans
Accounting Policies: The Schedule has been prepared on the accrual basis of accounting which is the method of accounting used for the financial statements. 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. Negative amounts shown on the Schedule, if any, 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: AWARE, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed by Uniform Guidance.
The loan program listed subsequently are administered directly by the Department of Agriculture, and balances and transactions relating to the program are included in AWARE’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of the loans outstanding at June 30, 2023, consists of: Community Facilities Loans and Grants 10.780 $1,718,358