Notes to SEFA
Accounting Policies: The accompanying supplementary schedule of expenditures of federal awards ("schedule") includes the federal grant activity of Baruch S. Blumberg Institute and Subsidiary under programs of the federal governments for the year ended 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 Baruch S. Blumberg Institute and Subsidiary, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of Baruch S. Blumberg Institute and Subsidiary. Expenditures reported on the schedule of expenditures of federal and state awards 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: Auditee used agreed upon rates in contract and grant agreements.