Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the expenditures of SIMR, for programs of the federal government for the twelve-month period ended June 30, 2024 using 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The information in this Schedule is presented in accordance with the provisions of the Title 2 U.S. Code of Federal Regulations PART-200 – Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and, therefore, some amounts may differ from amounts presented in or used in the preparation of SIMR’s consolidated financial statements. The purpose of the Schedule is to present a summary of those activities of SIMR for the twelve-month period ended June 30, 2024 which have been funded 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 SIMR and federal funds passed through to SIMR by primary recipients of federal funds. Since the Schedule presents only a selected portion of activities of SIMR, it is not intended to and does not, present the financial position, changes in net assets or cash flows of SIMR. SIMR has applied indirect cost rates to awards based on the approved applicable rates. SIMR has elected not to charge a de minimis rate of 10 percent of modified total direct costs.
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 expenditures of SIMR, for programs of the federal government for the twelve-month period ended June 30, 2024 using 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The information in this Schedule is presented in accordance with the provisions of the Title 2 U.S. Code of Federal Regulations PART-200 – Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and, therefore, some amounts may differ from amounts presented in or used in the preparation of SIMR’s consolidated financial statements. The purpose of the Schedule is to present a summary of those activities of SIMR for the twelve-month period ended June 30, 2024 which have been funded 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 SIMR and federal funds passed through to SIMR by primary recipients of federal funds. Since the Schedule presents only a selected portion of activities of SIMR, it is not intended to and does not, present the financial position, changes in net assets or cash flows of SIMR. SIMR has applied indirect cost rates to awards based on the approved applicable rates. SIMR has elected not to charge a de minimis rate of 10 percent of modified total direct costs.