Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. Consequently, amounts are recorded as expenditures when the obligations are incurred. The preparation of this schedule is 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. Therefore, some of the amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The American Foundation for Biological Research has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.