Notes to SEFA
Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) has been prepared using the accrual basis of accounting and in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The purpose of the Schedule is to present a summary of those activities of the Woods Hole Oceanographic Institution (the Institution) for the year ended December 31, 2023 which have been financed by the U.S. Government (federal awards). For purposes of the Schedule, federal awards include all federal assistance entered into directly between the federal government and the Institution and federal funds awarded to the Institution by a prime recipient. Because the Schedule presents only a selected portion of the activities of the Institution, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Institution. Negative amounts represent adjustments to amounts reported in prior years in the normal course of business. Full Assistance Listing Numbers and passthrough entity identification numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The Institution recovers fringe benefits and indirect costs associated with federal award programs pursuant to fixed rates with carryforward provisions negotiated annually with the Office of Naval Research (ONR). The Defense Contract Audit Agency (DCAA) has completed an audit of the rates used by the Institution through the fiscal year ended December 31, 2021. The 2023 Indirect Cost recovery rates, which are fixed with carryforward provisions, include the impact of prior year settlements. The Institution applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance.