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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) where in 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. Pass-through entity identifying numbers are presented where available. For purposes of charging indirect costs to federal awards, SafeNet, Inc. has not elected to use the 10% de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: SafeNet, Inc. has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of SafeNet, Inc. 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 SafeNet, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of SafeNet, Inc.
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) where in 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. Pass-through entity identifying numbers are presented where available. For purposes of charging indirect costs to federal awards, SafeNet, Inc. has not elected to use the 10% de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: SafeNet, Inc. has not elected to use the 10% de minimis cost rate.
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 (Uniform Guidance) where in 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. Pass-through entity identifying numbers are presented where available. For purposes of charging indirect costs to federal awards, SafeNet, Inc. has not elected to use the 10% de minimis cost rate.
Title: NOTE 3 – LOAN BALANCES
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) where in 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. Pass-through entity identifying numbers are presented where available. For purposes of charging indirect costs to federal awards, SafeNet, Inc. has not elected to use the 10% de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: SafeNet, Inc. has not elected to use the 10% de minimis cost rate.
As of June 30, 2024, $149,800 in loan balances were outstanding related to Disaster Assistance Loans obtained from the U.S. Small Business Administration.
Title: NOTE 4 – SUBRECIPIENT FUNDS
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) where in 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. Pass-through entity identifying numbers are presented where available. For purposes of charging indirect costs to federal awards, SafeNet, Inc. has not elected to use the 10% de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: SafeNet, Inc. has not elected to use the 10% de minimis cost rate.
There were no funds passed through to subrecipients from any of the federal programs.