Notes to SEFA
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Council of Graduate Schools has a negotiated indirect cost rate agreement (NICRA) from National Science Foundation dated June, 17, 2022.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Council of Graduate Schools 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 Council of Graduate Schools, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the organization.
Title: Summary of significant accounting policies
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Council of Graduate Schools has a negotiated indirect cost rate agreement (NICRA) from National Science Foundation dated June, 17, 2022.
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.
Title: Indirect cost rate
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Council of Graduate Schools has a negotiated indirect cost rate agreement (NICRA) from National Science Foundation dated June, 17, 2022.
Council of Graduate Schools has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Reconciliation of revenue
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Council of Graduate Schools has a negotiated indirect cost rate agreement (NICRA) from National Science Foundation dated June, 17, 2022.
The reconciliation of the Schedule to the Statement of Activities and Changes in Net Assets is as follows:
Schedule of Expenditures of Federal Awards $ 772,018
Other grants 656,675
Total grant revenue $ 1,428,693