Notes to SEFA
Accounting Policies: Expenditures: Expenditures reported on 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 expenditures are not allowable or are limited to reimbursement. Indirect Cost Rate: Lumity has elected to use the 10 percent de minimis indirect cost rates as allowed under the Uniform Guidance. Pass-through Entity Project/Contract Number: Lumity received no pass-through entity projects/contract numbers during the fiscal year ended June 30, 2024.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.