Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Electricore, Inc. under programs of the federal government for the year ended December 31, 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 Electricore, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Electricore, Inc.
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.
Amount Provided to Subrecipients represents the actual expenditures incurred by subrecipients and reimbursable by Electricore, Inc.
De Minimis Rate Used: N
Rate Explanation: Electricore, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Electricore, Inc. under programs of the federal government for the year ended December 31, 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 Electricore, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Electricore, Inc.
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.
Amount Provided to Subrecipients represents the actual expenditures incurred by subrecipients and reimbursable by Electricore, Inc.
Title: NOTE 2 - INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Electricore, Inc. under programs of the federal government for the year ended December 31, 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 Electricore, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Electricore, Inc.
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.
Amount Provided to Subrecipients represents the actual expenditures incurred by subrecipients and reimbursable by Electricore, Inc.
De Minimis Rate Used: N
Rate Explanation: Electricore, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Electricore, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.