Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis on 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. Negative amounts shown on the SEFA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The Organization elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Organization elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “SEFA”) includes the Federal award activity of Current Innovation, NFP under programs of the federal government for the year December 31, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because this schedule presents only a selected portion of the operations of Current Innovation, NFP, it is not intended to and does not present the financial position, changes in net assets or cash flows of Current Innovation, NFP.
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis on 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. Negative amounts shown on the SEFA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The Organization elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Organization elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the SEFA are reported on the accrual basis on 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. Negative amounts shown on the SEFA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The Organization elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 3 – Subrecipients
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis on 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. Negative amounts shown on the SEFA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The Organization elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Organization elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Current Innovation, NFP provided federal awards to sub-recipients in the amount of $1,905,628 during the year ended December 31, 2024.
Title: Note 4 – Other Matters
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis on 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. Negative amounts shown on the SEFA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The Organization elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Organization elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Amount of non-cash assistance None
Amount of insurance None
Amount of loans or loan guarantees None