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 expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Da Vinci Discovery Center of Science and Technology, 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 the Da Vinci Discovery Center of Science and
Technology, Inc. under the HUD FY2022 Community Project Funding Grant Program for
the period March 13, 2023 through June 30, 2024. 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 Da Vinci Discovery Center of Science and
Technology, Inc., it is not intended to and does not present the financial position, change
in net assets, or cash flows of Da Vinci Discovery Center of Science and Technology, Inc.
as a whole.
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 expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Da Vinci Discovery Center of Science and Technology, 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 expenditures 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 expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Da Vinci Discovery Center of Science and Technology, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Da Vinci Discovery Center of Science and Technology, Inc. has elected not to use
the 10% de minimis indirect cost rate allowed under the Uniform Guidance.