Notes to SEFA
Accounting Policies: The accompanying supplementary schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of the Harvey W. Peters Research Foundation and subsidiaries (the Foundation) for the year ended June 30, 2024, except for the federal awards of Bluefield University (Bluefield), a wholly owned subsidiary, and Appalachian College of Pharmacy(ACP), a wholly owned subsidiary. The supplementary schedule of expenditures of federal awards of both Bluefield and ACP were audited by other auditors and therefore the amounts are not present within the supplementary schedule of expenditures of federal awards of the Foundation. All federal awards received directly and indirectly from federal agencies are included in this Schedule. Because the Schedule presents only a selected portion of the operations of the Foundation, it is not intended to, and does not, present the financial position, changes in net assets, and cash flows of the Foundation.
De Minimis Rate Used: N
Rate Explanation: The Foundation has a federally negotiated indirect cost rate on its federal awards related to the Research and Development Cluster of 56%. The Foundation did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance