Notes to SEFA
Title: NOTE 3 - RECONCILIATION OF THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS T
Accounting Policies: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by IIT Research Institute (IITRI) under programs of the federal government for the year ended September 30, 2022.For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements based on cost entered into directly between IITRI and agencies and departments of the federal government and all sub-awards to IITRI by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. All of the federal awards expended by IITRI are part of the Research and Development cluster. Description of Federal Program Research and Development Cluster Includes awards for research and development activities at IITRI sponsored by the U.S. Department of Health and Human Services (USDHHS) of the federal government. Basis of Accounting: The Schedule has been prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 - INDIRECT COSTS IITRI has approved fixed indirect cost rates through September 30, 2021, which have been negotiated with its oversight agency, USDHHS, IITRI does not use the de minimis indirect cost rate permitted under the Uniform Guidance. IITRI has a new provisional indirect rate agreement with the federal government with provisional billing rates valid from October 1, 2021 through September 30, 2022. The fiscal year 2022 Indirect Cost Submission (ICS) has been submitted to the government in accordance with FAR Part 52.216-7.
The following is a reconciliation of total expenditures reported on the accompanying Schedule to the revenue items shown as Government contract revenue on the Statement of Activities included in IITRIs financial statements. Reconciling items between the total expenditures on the Schedule of Expenditures of Federal Awards and the Government contract revenue on the Statement of Activities are as follows: Total expenditures on the Schedule of Expenditures of Federal Awards $ 2,502,073U.S. Government revenue under firm fixed price contracts whereby IITRI is considered a vendor 6,802,927Total U.S. Government contract revenue shown on the statement of activities $9,305,000.