Notes to SEFA
Title: Note 2. Basis of Determination of Federal Awards
Accounting Policies: The Supplementary Schedule of Expenditures of Federal Awards includes the federal grant activity of Kentucky Science and Technology Corporation and Subsidiaries and is presented on the accrual basis of accounting. Significant accounting policies used in preparing the Supplementary Schedule of Expenditures of Federal Awards are the same as those used to prepare the basic consolidated financial statements and are disclosed in Note 1 to the consolidated financial statements (pages 10 of 43 through 15 of 43).
De Minimis Rate Used: N
Rate Explanation: The auditee used an indirect cost rate of 26.10%, as approved by its oversight agency.
The Supplementary Schedule of Expenditures of Federal Awards includes the federal award activity of Kentucky Science and Technology Corporation and Subsidiaries. The information in this
schedule is presented in accordance with the requirements of the Uniform Guidance. Because the schedule presents only a selected portion of the operations of Kentucky Science and Technology Corporation and Subsidiaries, it is not intended to and does not present the financial position, change in net assets, or cash flows of Kentucky Science and Technology Corporation and Subsidiaries.