Notes to SEFA
Title: General
Accounting Policies: 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. MDIBL was awarded a provisional rate of 69% for the year ended December 31, 2024, based on modified total direct costs, for its federal grant expenditures.
De Minimis Rate Used: N
Rate Explanation: MDIBL did not elect to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the Mount Desert Island Biological Laboratory (MDIBL) for the year ended December 31, 2024.
Title: Basis of Accounting
Accounting Policies: 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. MDIBL was awarded a provisional rate of 69% for the year ended December 31, 2024, based on modified total direct costs, for its federal grant expenditures.
De Minimis Rate Used: N
Rate Explanation: MDIBL did not elect to use the 10% de minimis indirect cost rate.
The accompanying schedules are prepared and presented using the accrual basis of accounting. This basis of accounting is described in Note 1 to the Organization’s basic financial statements. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Since the Schedule presents only a selected portion of the operations of the Mount Desert Island Biological Laboratory, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of the Mount Desert Island Biological Laboratory; therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements. MDIBL did not elect to use the 10% de minimis indirect cost rate.
Title: Summary of Significant Accounting Policies
Accounting Policies: 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. MDIBL was awarded a provisional rate of 69% for the year ended December 31, 2024, based on modified total direct costs, for its federal grant expenditures.
De Minimis Rate Used: N
Rate Explanation: MDIBL did not elect to use the 10% de minimis indirect cost rate.
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. MDIBL was awarded a provisional rate of 69% for the year ended December 31, 2024, based on modified total direct costs, for its federal grant expenditures