Notes to SEFA
Title: Basis of Presentation
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 expenditurs are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Polaris Project, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Polaris Project, Inc. under programs of the federal government for the year ended December 31, 2021. 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 Polaris Project, Inc., it is not intended to and does not present the financial position, change in net assets, or cash flows of Polaris Project, Inc.
Title: Summary of Significant Accounting Policies
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 expenditurs are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Polaris Project, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
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 expenditurs are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
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 expenditurs are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Polaris Project, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Polaris Project, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Subrecipients
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 expenditurs are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Polaris Project, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Polaris Project, Inc. did not provide federal awards to any subrecipients during the year ended December 31, 2021.