Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Expenditures reflect the revenue recognized for the year ended June 30, 2024. 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 as well as compliance with each award's terms and conditions.
De Minimis Rate Used: N
Rate Explanation: Composite Collaborative Solutions Corporation bills its clients using provisional indirect cost rates as approved by the Department of Energy and adjusts to actual indirect cost rates once the rates are finalized following each fiscal year, subject to the terms and conditions of each award. The approved provisional fringe rate was 45%, the facilities overhead rate was 14%, the administration rate was 15% and the subcontract/material handling rate was 5% for the year ended June 30, 2024.
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state award activity of Composite Collaborative Solutions Corporation under programs of the federal government for the year ended June 30, 2024. 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 Composite Collaborative Solutions Corporation, it is not intended to and does not present the financial position, change in net position, or cash flows of Composite Collaborative Solutions Corporation.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Expenditures reflect the revenue recognized for the year ended June 30, 2024. 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 as well as compliance with each award's terms and conditions.
De Minimis Rate Used: N
Rate Explanation: Composite Collaborative Solutions Corporation bills its clients using provisional indirect cost rates as approved by the Department of Energy and adjusts to actual indirect cost rates once the rates are finalized following each fiscal year, subject to the terms and conditions of each award. The approved provisional fringe rate was 45%, the facilities overhead rate was 14%, the administration rate was 15% and the subcontract/material handling rate was 5% for the year ended June 30, 2024.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Expenditures reflect the revenue recognized for the year ended June 30, 2024. 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 as well as compliance with each award's terms and conditions. Composite Collaborative Solutions Corporation bills its clients using provisional indirect cost rates as approved by the Department of Energy and adjusts to actual indirect cost rates once the rates are finalized following each fiscal year, subject to the terms and conditions of each award. The approved provisional fringe rate was 45%, the facilities overhead rate was 14%, the administration rate was 15% and the subcontract/material handling rate was 5% for the year ended June 30, 2024.