Notes to SEFA
Title: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant expenditure activity of GMTO Corporation for the year ended June 30, 2024 and is presented using the accrual basis of accounting. The informationin in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards ("Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Because the schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
De Minimis Rate Used: Y
Rate Explanation: The Corporation is utilizing the 10% de minimis indirect cost rate offered by the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant expenditure activity of GMTO Corporation for the year ended June 30, 2024 and is presented using the accrual basis of accounting. The informationin in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards ("Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Because the schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
Title: NOTE 2 - INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant expenditure activity of GMTO Corporation for the year ended June 30, 2024 and is presented using the accrual basis of accounting. The informationin in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards ("Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Because the schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
De Minimis Rate Used: Y
Rate Explanation: The Corporation is utilizing the 10% de minimis indirect cost rate offered by the Uniform Guidance.
The Corporation is utilizing the 10% de minimis indirect cost rate offered by the Uniform Guidance.