Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of BioConnect Iowa under programs of the federal government for the year ended June 30, 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 BioConnect Iowa, it is not intended to and does not present the financial position, changes in financial position or cash flows of BioConnect Iowa.
Summary of Significant Accounting Policies – Expenses reported in the 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 expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: BIOCONNECT IOWA DID NOT USE AN INDIRECT COST RATE.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of BioConnect Iowa under programs of the federal government for the year ended June 30, 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 BioConnect Iowa, it is not intended to and does not present the financial position, changes in financial position or cash flows of BioConnect Iowa.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of BioConnect Iowa under programs of the federal government for the year ended June 30, 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 BioConnect Iowa, it is not intended to and does not present the financial position, changes in financial position or cash flows of BioConnect Iowa.
Summary of Significant Accounting Policies – Expenses reported in the 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 expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: BIOCONNECT IOWA DID NOT USE AN INDIRECT COST RATE.
Expenses reported in the 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 expenses are not allowable or are limited as to reimbursement.
Title: INDIRECT COST RATE
Accounting Policies: Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of BioConnect Iowa under programs of the federal government for the year ended June 30, 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 BioConnect Iowa, it is not intended to and does not present the financial position, changes in financial position or cash flows of BioConnect Iowa.
Summary of Significant Accounting Policies – Expenses reported in the 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 expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: BIOCONNECT IOWA DID NOT USE AN INDIRECT COST RATE.
BioConnect Iowa has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.