Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Veterans Education & Research Association of Northern New England, Inc. did elect to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Veterans Education & Research Association of Northern New England, Inc. 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Veterans Education & Research Association of Northern New England, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Veterans Education & Research Association of Northern New England, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Veterans Education & Research Association of Northern New England, Inc. did elect to use the 10% de minimis indirect cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Veterans Education & Research Association of Northern New England, Inc. did elect to use the 10% de minimis indirect cost rate.
Veterans Education & Research Association of Northern New England, Inc. did elect to use the 10% de minimis indirect cost rate.
Title: Aging Research
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Veterans Education & Research Association of Northern New England, Inc. did elect to use the 10% de minimis indirect cost rate.
Veterans Education & Research Association of Northern New England, Inc. entered into a FDP fixed rate clinical research subaward (subaward) as funded by the National Institutes of Health under Department of Health and Human Services, passed through Duke University, for the Aging Research program with federal assistance listing number 93.866, included in the Research and Development cluster. This subaward is not awarded based on a cost reimbursement basis and is therefore not included in the Schedule. Veterans Education & Research Association of Northern New England, Inc. recognized $3,355 of revenue from the subaward for the year ended September 30, 2023.