Notes to SEFA
Accounting Policies: Basis of Presentation – The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the activity of all federal awards programs administered during the current fiscal year by CUBRC, Inc. (“CUBRC”), an entity as described in Note 1 to its basic consolidated financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule. 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.
Basis of Accounting – The accompanying Schedule is presented using the accrual basis of accounting. The amounts reported as federal expenditures were obtained from appropriate financial reports for the applicable program and periods. The amounts reported in these financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger, which is the source of supporting data for
CUBRC’s consolidated financial statements.
Indirect Costs – CUBRC has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance and instead uses the overhead allocation rate provided by specific contracts for the Program.
Major Program Determination – The majority of CUBRC’s federally funded programs fall under the Research and Development Cluster as closely related programs that share common compliance requirements. Type A programs for CUBRC are those which equal or exceeded 3% of federal awards expended for the fiscal year ended December 29, 2023. Type B programs for CUBRC are those which were less than 3% of federal awards expended for
the fiscal year ended December 29, 2023.
De Minimis Rate Used: N
Rate Explanation: CUBRC has elected not to use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance and instead uses the overhead allocation rate provided by specific contracts for the Program.