Notes to SEFA
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of CLASI under programs of the federal government for the year ended December 31, 2023. The information in the 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 this Schedule presents only a selected portion of the operations of CLASI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CLASI.
De Minimis Rate Used: N
Rate Explanation: CLASI does not utilize the 10% de minimis reimbursement allowance for indirect costs as provided in the Uniform Guidance.
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 and wherein certain types of expenditures are not allowable or are limited as to reimbursement.