Title: Note 1 – Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on this Schedule of Expenditures of Federal Awards (Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: OSLC Developments, Inc. (ODI) has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance during the year ended September 30, 2023, for the Research Grant Connecting Kin. For the Mental Health Research Grant K-ORCA and Research Grant Drazdowski, ODI has used the lower indirect cost rate of 8% as required by the National Institutes of Health (NIH) for institutional research training grants.
Expenditures reported on this Schedule of Expenditures of Federal Awards (Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 2 – Indirect Cost Rate
Accounting Policies: Expenditures reported on this Schedule of Expenditures of Federal Awards (Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: OSLC Developments, Inc. (ODI) has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance during the year ended September 30, 2023, for the Research Grant Connecting Kin. For the Mental Health Research Grant K-ORCA and Research Grant Drazdowski, ODI has used the lower indirect cost rate of 8% as required by the National Institutes of Health (NIH) for institutional research training grants.
OSLC Developments, Inc. (ODI) has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance during the year ended September 30, 2023, for the Research Grant Connecting Kin. For the Mental Health Research Grant K-ORCA and Research Grant Drazdowski, ODI has used the lower indirect cost rate of 8% as required by the National Institutes of Health (NIH) for institutional research training grants.
Title: Note 3 – Basis of Presentation
Accounting Policies: Expenditures reported on this Schedule of Expenditures of Federal Awards (Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: OSLC Developments, Inc. (ODI) has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance during the year ended September 30, 2023, for the Research Grant Connecting Kin. For the Mental Health Research Grant K-ORCA and Research Grant Drazdowski, ODI has used the lower indirect cost rate of 8% as required by the National Institutes of Health (NIH) for institutional research training grants.
The accompanying Schedule includes the federal grant activity of ODI under programs of the federal government for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of ODI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of ODI. Negative amounts shown on the Schedule, if applicable, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.