Notes to SEFA
Title: Basis of Presentation:
Accounting Policies: Expenditures reported on the schedule of expenditures of Federal awards 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: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule of expenditures of Federal awards includes the Federal grant activity of National Inventors Hall of Fame, Inc. and Affiliated Organizations (the Organization) under programs of the Federal government for the year ended December 31, 2022. The information in the schedule of expenditures of Federal awards is presented in accordance with the requirements of Title 2 U.S. Code of Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule of expenditures of Federal awards presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. The funding received from the United States Patent and Trademark Office (USPTO) have not been assigned Federal Assistance Listing numbers. Accordingly, these Federal programs have been identified on the accompanying schedule of expenditures of Federal awards by their award identification numbers as provided by the USPTO.
Title: Matching fund requirements:
Accounting Policies: Expenditures reported on the schedule of expenditures of Federal awards 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: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
In accordance with the Organization's Joint Project Agreement with the USPTO, the Organization was required to expend no less than $3,700,000 for Children's Education Programs and $200,000 for National Inventors Hall of Fame Museum Operations and Annual Recognition Programs. The Organization met or exceeded the required matching fund requirements.
Title: Non-cash assistance:
Accounting Policies: Expenditures reported on the schedule of expenditures of Federal awards 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: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Pursuant to the Joint Project Agreement with the USPTO, USPTO agreed to provide in-kind contributions including website promotion, the use of their trademarks and logos, and feedback and consultation on camp curricula for the Children's Education Programs, and in-kind contributions including usage of facilities, use of certain staff, and the use of their trademarks and logos for the National Inventors Hall of Fame Museum Operations and Annual Recognition Programs. Non-cash assistance amounted to $220,000.