Notes to SEFA
Title: NOTE 2. BASIS OF DETERMINATION OF FEDERAL AWARDS
Accounting Policies: The Supplementary Schedule of Expenditures of Federal Awards includes the federal grant activity of Kentucky Science and Technology Corporation and Subsidiaries and is presented on the accrual basis of accounting. Significant accounting policies used in preparing the Supplementary Schedule of Expenditures of Federal Awards are the same as those used to prepare the basic consolidated financial statements and are disclosed in Note 1 to the consolidated financial statements (pages 10 of 43 through 15 of 43). Kentucky Science and Technology Corporation and Subsidiaries did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Kentucky Science and Technology Corporation and Subsidiaries did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Supplementary Schedule of Expenditures of Federal Awards includes the federal award activity of Kentucky Science and Technology Corporation and Subsidiaries. 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 Kentucky Science and Technology Corporation and Subsidiaries, it is not intended to and does not present the financial position, change in net assets, or cash flows of Kentucky Science and Technology Corporation and Subsidiaries.