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 OMB's Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Institute for Advanced Learning and Research did not elect to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Institute for Advanced Learning and Research under programs
of the federal government for the year ended June 30, 2024. The information in the Schedule is presented in accordance with the requirements of the Office of Management and
Budgets Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Institute for Advanced Learning and Research, it is not intended to and
does not present the financial position, changes in net position, or cash flows of the Institute for Advanced Learning and Research
Title: Relationship to the Financial Statements
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 OMB's Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Institute for Advanced Learning and Research did not elect to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Grant income per the basic financial statements $6,130,850. Capital grant income per the basic financial statements $36,353,202. Less: Grants from the Non-Federal Sources $(40,273,919). Federal revenue as reported above $2,210,133.