Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Note 2 – Summary of Significant Accounting Policies
Expenditures including subrecipient expenditures reported in the Schedule are reported on the accrual basis of accounting. When applicable, such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 3 – Indirect Cost Rate
HMRI has not elected to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Huntington Medical Research Institutes (HMRI) under programs of the federal government for the year ended September 30, 2024. The information 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 HMRI, it is not intended to and does not present the financial
position, changes in net assets, functional expenses, or cash flows of HMRI.