Title: Note 1—Basis of presentation
Accounting Policies: Basis of Accounting – Expenditures reported on the Schedule are prepared 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.
Negative Expenditures – Negative expenditures reported in the Schedule may be the result of a correction of an expenditure which was originally posted in a prior fiscal year, such as the recording of a refund for goods or services not received. Although the current expenditures on a grant may be negative, the total of all expenditures on the grant is expected to be positive over its entire period of performance.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Kennesaw State University Research and Service Foundation, Inc. (the “Foundation”) under programs of the federal government for the year ended June 30, 2024 and is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 the Foundation, it is not intended to and does not present the financial position, changes in its net assets, or cash flows of the Foundation.
Title: Note 3—Assistance Listing numbers
Accounting Policies: Basis of Accounting – Expenditures reported on the Schedule are prepared 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.
Negative Expenditures – Negative expenditures reported in the Schedule may be the result of a correction of an expenditure which was originally posted in a prior fiscal year, such as the recording of a refund for goods or services not received. Although the current expenditures on a grant may be negative, the total of all expenditures on the grant is expected to be positive over its entire period of performance.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
All programs included in the Schedule are presented by Federal agency and major subdivision within the Federal agency. Pass-through awards have been presented by pass-through entity and Federal identification number or pass-through entity identification number, when available.
Title: Note 5—Noncash awards
Accounting Policies: Basis of Accounting – Expenditures reported on the Schedule are prepared 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.
Negative Expenditures – Negative expenditures reported in the Schedule may be the result of a correction of an expenditure which was originally posted in a prior fiscal year, such as the recording of a refund for goods or services not received. Although the current expenditures on a grant may be negative, the total of all expenditures on the grant is expected to be positive over its entire period of performance.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The Foundation did not receive any material noncash federal awards during the year ended June 30, 2024.
Title: Note 6—Contingencies
Accounting Policies: Basis of Accounting – Expenditures reported on the Schedule are prepared 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.
Negative Expenditures – Negative expenditures reported in the Schedule may be the result of a correction of an expenditure which was originally posted in a prior fiscal year, such as the recording of a refund for goods or services not received. Although the current expenditures on a grant may be negative, the total of all expenditures on the grant is expected to be positive over its entire period of performance.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
These award programs are subject to financial and compliance audits by grantor agencies. The amount, if any, of expenditures that may be disallowed by the grantor agencies cannot be determined at this time, although the Foundation expects such amounts, if any, to be immaterial.
Title: Note 7—Subrecipient
Accounting Policies: Basis of Accounting – Expenditures reported on the Schedule are prepared 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.
Negative Expenditures – Negative expenditures reported in the Schedule may be the result of a correction of an expenditure which was originally posted in a prior fiscal year, such as the recording of a refund for goods or services not received. Although the current expenditures on a grant may be negative, the total of all expenditures on the grant is expected to be positive over its entire period of performance.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The Foundation provided all federal awards, net of a portion of the indirect costs retained by the Foundation, to Kennesaw State University as a subrecipient.