Notes to SEFA
Title: Basis of Presentation
Accounting Policies: This schedule of federal awards includes the federal program activity of ARVAC, Inc. and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles containted in the Uniform guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: ARVAC, Inc. has elected to use the 10 percent de minimus indirect cost rate under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of ARVAC, Inc. 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 Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of ARVAC, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Federal Awards Passed Through to Subrecipients
Accounting Policies: This schedule of federal awards includes the federal program activity of ARVAC, Inc. and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles containted in the Uniform guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: ARVAC, Inc. has elected to use the 10 percent de minimus indirect cost rate under the Uniform Guidance.
No federal financial assistance has been provided to a subrecipient.