Notes to SEFA
Accounting Policies: Expenditures are recognized following the cost principles contained in by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where applicable.
Revenues from award programs are recognized in the period in which terms of the grant or contractual agreements have been met and the revenue earned and are included in the Corporation’s consolidated financial statements as “Revenue and grants from governmental agencies”.
De Minimis Rate Used: Both
Rate Explanation: The Corporation was assigned an indirect cost rate of 15% by some agencies. Accordingly, the de minimis indirect cost rate of 10% as allowed under the Uniform Guidance was used on other contracts.