Title: BASIS OF ACCOUNTING
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Nonprofit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, whereas certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: VERAM did not elect to use the 10% De Minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance. Indirect costs rates were allocated based on predetermined rates negotiated with the Department of Defense’s Office of Naval Research.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Veterans Education and Research Association of Michigan, Inc., and is presented on the same basis of accounting as the basic financial statements. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of Veterans Education and Research Association of Michigan, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Veterans Education and Research Association of Michigan, Inc.
Title: SUMMARY OF SIGNIFICIANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Nonprofit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, whereas certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: VERAM did not elect to use the 10% De Minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance. Indirect costs rates were allocated based on predetermined rates negotiated with the Department of Defense’s Office of Naval Research.
Expenditures reported on the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Nonprofit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, whereas certain types of expenditures are not allowable or are limited as to reimbursement.
Title: INDIRECT COST RATES
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Nonprofit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, whereas certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: VERAM did not elect to use the 10% De Minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance. Indirect costs rates were allocated based on predetermined rates negotiated with the Department of Defense’s Office of Naval Research.
VERAM did not elect to use the 10% De Minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance. Indirect costs rates were allocated based on predetermined rates negotiated with the Department of Defense’s Office of Naval Research.