Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: 2. Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: Y
Rate Explanation: 3. Indirect Cost RateThe Corporation has elected to use the 10percent de minimis indirect cost rate allowed under the Uniform Guidance. No indirect costs were expended during the year ended December 31, 2022.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Semiconductor Research Corporation and its affiliates (the Corporation) 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present thefinancial position, changes in net assets, or cash flows of the Corporation.
Title: Note 4. Contingencies
Accounting Policies: 2. Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: Y
Rate Explanation: 3. Indirect Cost RateThe Corporation has elected to use the 10percent de minimis indirect cost rate allowed under the Uniform Guidance. No indirect costs were expended during the year ended December 31, 2022.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the Corporation. In the opinion of management, and with the exception of certain findings presented in the accompanying schedule of findings and questioned costs, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal and state laws and regulations.