Notes to SEFA
Title: Note 3-Noncash awards
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the Foundation for Applied Molecular Evolution, Inc. (the "Foundation") under programs of the federal government for the year ended December 31, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Foundation.
De Minimis Rate Used: N
Rate Explanation: The Foundation expended indirect costs using a multiple allocation base method and did not elect to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The Foundation did not receive noncash federal awards during the year ended December 31, 2022.
Title: Note 4-Contingencies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the Foundation for Applied Molecular Evolution, Inc. (the "Foundation") under programs of the federal government for the year ended December 31, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Foundation.
De Minimis Rate Used: N
Rate Explanation: The Foundation expended indirect costs using a multiple allocation base method and did not elect to use the 10% de minimis cost rate allowed under the Uniform Guidance.
These programs are subject to financial and compliance audits by grantor agencies. The amount, if any, of expenditures that may be disallowed by the grantor agencies cannot be determined at this time, although the Foundation expects such amounts, if any, to be immaterial.