Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the federal grant activity of Proteus Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The amount reported in the accompanying Schedule of Expenditures of Federal Awards agree, in all material respects, to amount reported within Proteus, Inc's financial statements.
De Minimis Rate Used: N
Rate Explanation: Produce, Inc., elected not to use the 10% de minimize cost rate as covered in the Uniform Guidance Part 200.414 indirect (F&A) costs.
The Schedule of Expenditures of Federal Awards includes the federal grant activity of Proteus, Inc. (the Organization), and is presented on the accrual basis of accounting. 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). The amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree, in all material respects, to amounts reported within the Organization’s financial statements.
Title: NOTE 2 – ASSISTANCE LISTING NUMBERS
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the federal grant activity of Proteus Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The amount reported in the accompanying Schedule of Expenditures of Federal Awards agree, in all material respects, to amount reported within Proteus, Inc's financial statements.
De Minimis Rate Used: N
Rate Explanation: Produce, Inc., elected not to use the 10% de minimize cost rate as covered in the Uniform Guidance Part 200.414 indirect (F&A) costs.
The Assistance Listing Number included in the accompanying Schedule of Expenditures of Federal Awards was determined based on the program name, review of the award contract, and the General Services Administration’s database from which Assistance Listings are published on SAM.gov.
Title: NOTE 3 – INDIRECT COSTS
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the federal grant activity of Proteus Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The amount reported in the accompanying Schedule of Expenditures of Federal Awards agree, in all material respects, to amount reported within Proteus, Inc's financial statements.
De Minimis Rate Used: N
Rate Explanation: Produce, Inc., elected not to use the 10% de minimize cost rate as covered in the Uniform Guidance Part 200.414 indirect (F&A) costs.
The Organization elected not to use the 10% de minimis cost rate as covered in the Uniform Guidance Part 200.414 Indirect (F&A) Costs.