Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of MEII under programs of the federal government for the year ended December 31, 2024. The information on the SEFA 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 SEFA presents only a selected portion of the operations of MEII, it is not intended to and does not present the financial position, changes in net assets, or cash flows of MEII.
De Minimis Rate Used: Y
Rate Explanation: MEII has elected to use the 10% (or 15% when approved by the Federal agency) de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such 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.