Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of ABS Institute under programs of the federal government for the year eneded December 31, 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 protion of the operations of the ABS Institute, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the ABS Institute. Summary of Significant 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Applied Biomedical Science Institute has a negotiated provisional indirect cost ratge of 92.40% for use during the year ended December 31,2023.