Title: 1. Basis of Presentation
Accounting Policies: a.Expenditures reported on the 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 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.
b.The Organization 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: WE USE THE DCAA ESTABLISHED PROVISIONAL BILLING RATES FOR FY2023
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the activity of FlexTech Alliance, Inc. dba NextFlex and subsidiaries (the "Organization") under its program with a federal government agency for the year ended September 30, 2023. The information in this Schedule 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. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the Organization's financial position, changes in net assets, or cash flows
Title: 2. Summary of Signaficant Accounting Policies
Accounting Policies: a.Expenditures reported on the 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 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.
b.The Organization 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: WE USE THE DCAA ESTABLISHED PROVISIONAL BILLING RATES FOR FY2023
a. Expenditures reported on the 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 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.
b. The Organization did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: 3. General, Administrative, and Overhead Contract Costs
Accounting Policies: a.Expenditures reported on the 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 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.
b.The Organization 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: WE USE THE DCAA ESTABLISHED PROVISIONAL BILLING RATES FOR FY2023
Of the federal expenditures presented in the Schedule, the Organization recognized general, administrative, and overhead costs relating to the administration of the grant, which is different than what can be reported as administrative expense for functional expense, as the grant agreements allow additional cost allocations as follows:
Title: 4. Matching Requirements
Accounting Policies: a.Expenditures reported on the 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 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.
b.The Organization 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: WE USE THE DCAA ESTABLISHED PROVISIONAL BILLING RATES FOR FY2023
The Organization's Federal award includes certain matching requirements, which is typially at least 50% of total expenditures. Cost sharing must meet the requirements of the Department of Defense Grant and Agreement Regulations to be allowable.