Notes to SEFA
Title: Note 1 – Basis of Presentation:
Accounting Policies: Expenditures reported on the Schedule 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: VMIRL uses a predetermined and preapproved indirect cost rate calculated using the “simplified method”. Overhead costs are combined with eligible activities of Virginia Military Institute for purposes of the rate calculation. Unless otherwise negotiated, indirect costs billed under federal programs were determined based on VMIRL’s rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of VMI Research Laboratories (VMIRL) under programs of the federal government 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 VMIRL, it is not Intended to and does not present the financial position, changes in net assets, or cash flows of VMIRL.
Title: Note 2 – Summary of Significant Accounting Policies:
Accounting Policies: Expenditures reported on the Schedule 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: VMIRL uses a predetermined and preapproved indirect cost rate calculated using the “simplified method”. Overhead costs are combined with eligible activities of Virginia Military Institute for purposes of the rate calculation. Unless otherwise negotiated, indirect costs billed under federal programs were determined based on VMIRL’s rate.
Expenditures reported on the Schedule 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.
Title: Note 3 – Indirect Cost Rate:
Accounting Policies: Expenditures reported on the Schedule 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: VMIRL uses a predetermined and preapproved indirect cost rate calculated using the “simplified method”. Overhead costs are combined with eligible activities of Virginia Military Institute for purposes of the rate calculation. Unless otherwise negotiated, indirect costs billed under federal programs were determined based on VMIRL’s rate.
VMIRL uses a predetermined and preapproved indirect cost rate calculated using the “simplified method”. Overhead costs are combined with eligible activities of Virginia Military Institute for purposes of the rate calculation. Unless otherwise negotiated, indirect costs billed under federal programs were determined based on VMIRL’s rate.