Notes to SEFA
Title: Basis of Presentation
Accounting Policies: ACCRUAL GAAP
De Minimis Rate Used: Y
Rate Explanation: 0.1
The Schedule of Expenditures of Federal Awards (Schedule) has been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The Schedule includes the federal grant activity of IMC and 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: Subrecipients
Accounting Policies: ACCRUAL GAAP
De Minimis Rate Used: Y
Rate Explanation: 0.1
IMC did not have any sub-recipients during the fiscal year 2023.
Title: Non-cash Assistance
Accounting Policies: ACCRUAL GAAP
De Minimis Rate Used: Y
Rate Explanation: 0.1
IMC did not receive any Federally-funded non-cash assistance during the fiscal year 2023.
Title: Insurance
Accounting Policies: ACCRUAL GAAP
De Minimis Rate Used: Y
Rate Explanation: 0.1
IMC had no Federally-funded insurance in effect during the fiscal year 2023.
Title: Loans
Accounting Policies: ACCRUAL GAAP
De Minimis Rate Used: Y
Rate Explanation: 0.1
IMC did not have any Federally-funded loans or loan guarantees outstanding as of September 30, 2023.