Title: 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule, including subrecipient expenditures, are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the activity of SEMI and SEMI Foundation under their programs with federal government agencies for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 United States (“U.S.”) Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of SEMI and SEMI Foundation, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of SEMI and SEMI Foundation.
Title: 2.Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule, including subrecipient expenditures, are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
a. Expenditures reported on the Schedule, including subrecipient expenditures, are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of expenditures are not allowable or are limited as to reimbursement. b. The Group did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: 3.Contract Management Fees and Other Related Costs
Accounting Policies: Expenditures reported on the Schedule, including subrecipient expenditures, are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in this schedule, SEMI and SEMI Foundation recognized contract management fees and other related costs as follows: See the Notes to the SEFA for chart/table.
Title: 4.Matching Requirements, continued
Accounting Policies: Expenditures reported on the Schedule, including subrecipient expenditures, are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal awards of SEMI and SEMI Foundation include certain matching requirements, which is typically at least 50 percent of total expenditures. Cost sharing must meet the requirements of the Department of Defense and Department of Housing and Urban Development Grant and Agreement Regulations to be allowable. See the Notes to the SEFA for chart/table.