Title: Basis of presentation
Accounting Policies: Expenditures reported on the accompanying Schedule are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: SER Corporation has elected not to use the 10% de minimis indirect cost rate allowed under Section 200.414(f) of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of SER 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 (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 SER Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SER Corporation.
Title: Summary of significant accounting policies
Accounting Policies: Expenditures reported on the accompanying Schedule are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: SER Corporation has elected not to use the 10% de minimis indirect cost rate allowed under Section 200.414(f) of the Uniform Guidance.
Expenditures reported on the accompanying Schedule are reported on the accrual basis of accounting. 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.
Title: Indirect cost rate
Accounting Policies: Expenditures reported on the accompanying Schedule are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: SER Corporation has elected not to use the 10% de minimis indirect cost rate allowed under Section 200.414(f) of the Uniform Guidance.
SER Corporation has elected not to use the 10% de minimis indirect cost rate allowed under Section 200.414(f) of the Uniform Guidance.
Title: Other expenditures
Accounting Policies: Expenditures reported on the accompanying Schedule are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: SER Corporation has elected not to use the 10% de minimis indirect cost rate allowed under Section 200.414(f) of the Uniform Guidance.
SER Corporation did not receive any federal awards in the form of noncash assistance, insurance, loans, or loan guarantees and incurred no expenditures in relation thereof for the year ended June 30, 2024.
Title: Contingency
Accounting Policies: Expenditures reported on the accompanying Schedule are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: SER Corporation has elected not to use the 10% de minimis indirect cost rate allowed under Section 200.414(f) of the Uniform Guidance.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by the grantor agency as a result of such an audit, any claim for reimbursement to the grantor agency would become a liability of SER Corporation. In the opinion of management, all grant expenditures are in material compliance with the terms of the grant agreements and applicable state laws and regulations.
Title: Reconciliation of grant expenditures to award
Accounting Policies: Expenditures reported on the accompanying Schedule are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: SER Corporation has elected not to use the 10% de minimis indirect cost rate allowed under Section 200.414(f) of the Uniform Guidance.
The granting period from the July 1, 2022 – June 30, 2023 award of $1,318,690 was extended through September 30, 2023 and the granting period for the July 1, 2023 – June 30, 2024 award of $1,360,695 was extended through September 30, 2024.
The following tables show grant funds expended through June 30, 2024 and June 30, 2023, respectively, and the remaining grant funds expended from July 1, 2023 to September 30, 2023 and July 1, 2024 to September 30, 2024, respectively: Program Budget Expended Expended
Year 7/01/2022-9/30/2023 7/01/2022-6/30/2023 7/01/2023-9/30/2023
2022 1,318,690$ 1,190,000$ 128,690$
Budget Expended
7/01/2023-9/30/2024 7/01/2023-6/30/2024 (Over) Under*
2023 1,360,695$ 1,170,000$ 190,695$
*These funds were received and expended during the period July 1, 2024 through
September 30, 2024