Notes to SEFA
Title: Note 1 – 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 Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The company has elected to not use the 10% de minimis indirect cost rate as allowed under Uniform Guidance. The company uses negotiated indirect costs for federal awards as approved.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of Lovelace Biomedical Research Institute and Subsidiary (LBRI) under programs of the federal
government for year ended June 30, 2024. The information in this schedule is presented in accordance
with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) 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 LBRI, it is not
intended to and does not present the consolidated financial position, changes in net assets or cash flows
of LBRI.
Title: Note 2 – 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 Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The company has elected to not use the 10% de minimis indirect cost rate as allowed under Uniform Guidance. The company uses negotiated indirect costs for federal awards as approved.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance, as applicable,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through
entity identifying numbers are presented where available.
LBRI has elected to not use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
LBRI uses negotiated indirect costs for federal awards as approved.
Title: Note 3 – Federal Cluster
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 Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The company has elected to not use the 10% de minimis indirect cost rate as allowed under Uniform Guidance. The company uses negotiated indirect costs for federal awards as approved.
All of the programs in the Schedule are considered part of LBRI’s research and development cluster.
Title: Note 4 – Subrecipients
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 Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The company has elected to not use the 10% de minimis indirect cost rate as allowed under Uniform Guidance. The company uses negotiated indirect costs for federal awards as approved.
Of the federal expenditures presented in the Schedule, LBRI provided federal awards to the following
subrecipients:
– Children’s Hospital of Philadelphia
– University of Southern California
– University of Colorado
– University of New Mexico
– University of Wisconsin