Notes to SEFA
Accounting Policies: The SEFA is prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. FEDERAL AWARDS - A significant portion of Traffick911’s revenue is derived from cost-reimbursable federal awards, which are conditioned upon certain performance requirements and/or the incurrence of allowable qualifying expenses. Amounts received are recognized as revenue when Traffick911 has incurred expenditures in compliance with specific contract or grant provisions. Traffick911 has contracts for cost reimbursable grants of $1,615,709 for which qualifying expenditures have not been incurred and accordingly have not been recognized at 31 December 2023.
De Minimis Rate Used: N
Rate Explanation: Traffick911 did not elect to use the 10% de minimis indirect cost rate.