Notes to SEFA
Title: 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: For the year ended September 30, 2024, the Organization has a negotiated indirect cost rate of 23.7%.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award
activity of VA Connecticut Research and Education Foundation, Inc. (Organization), under programs of
the federal government for the year ended September 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 the
Organization, it is not intended to and does not present the financial position, changes in net assets, or
cash flows of the Organization.