Title: OTHER
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Inclusive Engineering Consortium. under programs of the federal government for the year ended December 31, 2023. The information in this 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 the Schedule presents only a selected portion of the operations of the Inclusive Engineering Consortium., it is not intended to and does not present the financial position, changes in equity, or cash flows of Inclusive Engineering Consortium.
Expenditures reported on the Schedule 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Inclusive Engineering Consortium. has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Inclusive Engineering Consortiim did not receive any noncash federal awards, nor receive any federal insurance and did not provide funds to any sub-recipients.
Title: USE OF ESTIMATES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Inclusive Engineering Consortium. under programs of the federal government for the year ended December 31, 2023. The information in this 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 the Schedule presents only a selected portion of the operations of the Inclusive Engineering Consortium., it is not intended to and does not present the financial position, changes in equity, or cash flows of Inclusive Engineering Consortium.
Expenditures reported on the Schedule 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Inclusive Engineering Consortium. has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The preparation of financial statements in conformity with USGAAP requires management to make estimates and assumptions that affect the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
Title: SUBSEQUENT EVENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Inclusive Engineering Consortium. under programs of the federal government for the year ended December 31, 2023. The information in this 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 the Schedule presents only a selected portion of the operations of the Inclusive Engineering Consortium., it is not intended to and does not present the financial position, changes in equity, or cash flows of Inclusive Engineering Consortium.
Expenditures reported on the Schedule 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Inclusive Engineering Consortium. has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Subsequent events are events or transactions that occur after the Schedule date but before the Schedule is issued or are available to be issued. These events and transactions either provide additional evidence about conditions that existed at the date of the Schedule date, including the estimates inherent in the process of preparing the Schedule (that is, recognized subsequent events), or provide evidence about conditions that did not exist at the date of the Schedule date but arose after that date (that is,nonrecognized subsequent events). Inclusive Engineering Consortium has evaluated subsequent events through October 4, 2024, which was the date that the Schedule was available for issuance and determined that there were no nonrecognized subsequent events or additional disclosures needed through that date.