Notes to SEFA
Title: Federal Cluster
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 Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available
De Minimis Rate Used: N
Rate Explanation: TThe Company has elected to not use the 10% de minimis indirect cost rate as allowed under UniformGuidance. The Company uses negotiated indirect costs for federal awards as approved.
All of the programs in the Schedule are considered part of the Companys research and developmentcluster.
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 Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available
De Minimis Rate Used: N
Rate Explanation: TThe Company has elected to not use the 10% de minimis indirect cost rate as allowed under UniformGuidance. The Company uses negotiated indirect costs for federal awards as approved.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Lovelace Biomedical Research Institute and its subsidiary (the Company) under programs of the federal government for the period from September 25, 2021 through June 30, 2022. The information in this schedule is resented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) 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 the Company, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of the Company. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Subrecipients
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 Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available
De Minimis Rate Used: N
Rate Explanation: TThe Company has elected to not use the 10% de minimis indirect cost rate as allowed under UniformGuidance. The Company uses negotiated indirect costs for federal awards as approved.
Of the federal expenditures presented in the Schedule, the Company provided federal awards to the following subrecipients: Boystown Emory University University of New Mexico Washington State University The Rand Corporation University of Arizona University of California San Francisco University of Chicago University of Colorado University of Wisconsin-Madison Virginia Polytechnic Institute and State University