Title: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by IIT Research Institute (IITRI) under programs of the federal government for the year ended September 30, 2024.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements based on cost entered into directly between IITRI and agencies and departments of the federal government and all sub-awards to IITRI by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. All of the federal awards expended by IITRI are part of the Research and Development cluster.
Description of Federal Program
Research and Development Cluster – Includes awards for research and development activities at IITRI sponsored by the U.S. Department of Health and Human Services (USDHHS) of the federal government.
There were no federal awards passed to subrecipients for the year ended September 30, 2024.
Basis of Accounting: The Schedule has been prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: IITRI does not use the de minimis indirect cost rate permitted under the Uniform Guidance.
Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by IIT Research Institute (IITRI) under programs of the federal government for the year ended September 30, 2024.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements based on cost entered into directly between IITRI and agencies and departments of the federal government and all sub-awards to IITRI by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. All of the federal awards expended by IITRI are part of the Research and Development cluster.
Description of Federal Program
Research and Development Cluster – Includes awards for research and development activities at IITRI sponsored by the U.S. Department of Health and Human Services (USDHHS) of the federal government.
There were no federal awards passed to subrecipients for the year ended September 30, 2024.
Basis of Accounting: The Schedule has been prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when incurred.
Title: NOTE 2 - INDIRECT COSTS
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by IIT Research Institute (IITRI) under programs of the federal government for the year ended September 30, 2024.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements based on cost entered into directly between IITRI and agencies and departments of the federal government and all sub-awards to IITRI by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. All of the federal awards expended by IITRI are part of the Research and Development cluster.
Description of Federal Program
Research and Development Cluster – Includes awards for research and development activities at IITRI sponsored by the U.S. Department of Health and Human Services (USDHHS) of the federal government.
There were no federal awards passed to subrecipients for the year ended September 30, 2024.
Basis of Accounting: The Schedule has been prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: IITRI does not use the de minimis indirect cost rate permitted under the Uniform Guidance.
IITRI has approved fixed indirect cost rates through September 30, 2021, which have been negotiated with its oversight agency, USDHHS, IITRI does not use the de minimis indirect cost rate permitted under the Uniform Guidance. IITRI has a new provisional indirect rate agreement with the federal government with provisional billing rates valid from October 1, 2021, through September 30, 2024. The fiscal year 2022 and 2023 Indirect Cost Submission (ICS) have been submitted to the government in accordance with FAR Part 52.216 7.
Title: NOTE 3 - RECONCILIATION OF THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO THE STATEMENT OF ACTIVITIES
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by IIT Research Institute (IITRI) under programs of the federal government for the year ended September 30, 2024.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements based on cost entered into directly between IITRI and agencies and departments of the federal government and all sub-awards to IITRI by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. All of the federal awards expended by IITRI are part of the Research and Development cluster.
Description of Federal Program
Research and Development Cluster – Includes awards for research and development activities at IITRI sponsored by the U.S. Department of Health and Human Services (USDHHS) of the federal government.
There were no federal awards passed to subrecipients for the year ended September 30, 2024.
Basis of Accounting: The Schedule has been prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: IITRI does not use the de minimis indirect cost rate permitted under the Uniform Guidance.
The following is a reconciliation of total expenditures reported on the accompanying Schedule to the revenue items shown as Government contract revenue on the Statement of Activities included in IITRI’s financial statements.
Reconciling items between the total expenditures on the Schedule of Expenditures of Federal Awards and the Government contract revenue on the Statement of Activities are as follows:
Total expenditures on the Schedule of Expenditures of Federal Awards $5,141,526
U.S. Government revenue under firm fixed price contracts whereby
IITRI is considered a vendor $8,361,934
Total U.S. Government contract revenue shown on the statement of activities $13,503,460