Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of International Medical Corps. The Schedule includes federal awards received directly- from federal agencies as well as federal awards passed through other agencies. Because the Schedule presents only a selected portion of the operations of International Medical Corps, it is not intended to, and does not, present the financial position of the International Medical Corps.
De Minimis Rate Used: N
Rate Explanation: International Medical Corps has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2024, were based on predetermined fixed rates negotiated with International Medical Corps cognizant federal agency, the USAID, and are included as a component of the expenditures in the Schedule.
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of International Medical Corps.
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of International Medical Corps. The Schedule includes federal awards received directly- from federal agencies as well as federal awards passed through other agencies. Because the Schedule presents only a selected portion of the operations of International Medical Corps, it is not intended to, and does not, present the financial position of the International Medical Corps.
De Minimis Rate Used: N
Rate Explanation: International Medical Corps has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2024, were based on predetermined fixed rates negotiated with International Medical Corps cognizant federal agency, the USAID, and are included as a component of the expenditures in the Schedule.
The accompanying Schedule is presented using the accrual basis of accounting
Title: Negative Balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of International Medical Corps. The Schedule includes federal awards received directly- from federal agencies as well as federal awards passed through other agencies. Because the Schedule presents only a selected portion of the operations of International Medical Corps, it is not intended to, and does not, present the financial position of the International Medical Corps.
De Minimis Rate Used: N
Rate Explanation: International Medical Corps has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2024, were based on predetermined fixed rates negotiated with International Medical Corps cognizant federal agency, the USAID, and are included as a component of the expenditures in the Schedule.
Amounts reflected as negative balances represent adjustments made to estimates during the closeout period. The adjustments pertaining to federal donors are reflected in the accompanying Schedule
Title: Reconciliation of Schedule of Expenditures of Federal Awards to Statement of Activities
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of International Medical Corps. The Schedule includes federal awards received directly- from federal agencies as well as federal awards passed through other agencies. Because the Schedule presents only a selected portion of the operations of International Medical Corps, it is not intended to, and does not, present the financial position of the International Medical Corps.
De Minimis Rate Used: N
Rate Explanation: International Medical Corps has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2024, were based on predetermined fixed rates negotiated with International Medical Corps cognizant federal agency, the USAID, and are included as a component of the expenditures in the Schedule.
The following schedule is a reconciliation of total expenditures as shown in the Schedule to the total contract and grant support revenue in the statement of activities, which is included as part of International Medical Corps financial statements for the year ended June 30, 2024.
Title: Indirect Cost Rates
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of International Medical Corps. The Schedule includes federal awards received directly- from federal agencies as well as federal awards passed through other agencies. Because the Schedule presents only a selected portion of the operations of International Medical Corps, it is not intended to, and does not, present the financial position of the International Medical Corps.
De Minimis Rate Used: N
Rate Explanation: International Medical Corps has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2024, were based on predetermined fixed rates negotiated with International Medical Corps cognizant federal agency, the USAID, and are included as a component of the expenditures in the Schedule.
International Medical Corps has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended
June 30, 2024, were based on predetermined fixed rates negotiated with International Medical Corps
cognizant federal agency, the U.S. Agency for International Development (USAID), and are included as a
component of the expenditures in the Schedule.
Title: Credits to Federal Government Awards After Internal Investigation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of International Medical Corps. The Schedule includes federal awards received directly- from federal agencies as well as federal awards passed through other agencies. Because the Schedule presents only a selected portion of the operations of International Medical Corps, it is not intended to, and does not, present the financial position of the International Medical Corps.
De Minimis Rate Used: N
Rate Explanation: International Medical Corps has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2024, were based on predetermined fixed rates negotiated with International Medical Corps cognizant federal agency, the USAID, and are included as a component of the expenditures in the Schedule.
International Medical Corps has anti-fraud policies that require all allegations of corruption or fraud to be
reported and evaluated. If allegations are found to be credible, the incident is investigated and remediated
as appropriate. Issues are also reported to funding agencies and, for USAID awards, the USAID Office of
Inspector General per the requirements in 2 CFR 200.113. After investigation, International Medical Corps
credits the relevant award for any identified unallowable costs. International Medical Corps has credited
direct costs of approximately $22,751 to the federal government during the year ended June 30, 2024
related to fraud or suspected fraud in International Medical Corps programs. As the credited direct costs
have been removed from the relevant federal awards, along with associated indirect costs, they are either
not included in or are represented by a negative amount in the Schedule of Expenditures of Federal
Awards.