Notes to SEFA
Title: Note 1 - Basis of Accounting
Accounting Policies: a. Expenditures reported on the Schedule 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.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The John B. Pierce Laboratory, Inc. and Subsidiary under programs of the federal government for the year ended December 31, 2024. The information in this Schedule 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 Schedule presents only a selected portion of the operations of The John B. Pierce Laboratory, Inc. and Subsidiary it is not intended to and does not present the financial position, changes in net assets, or cash flows of The John B. Pierce Laboratory, Inc. and Subsidiary.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: a. Expenditures reported on the Schedule 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.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE
a. Expenditures reported on the Schedule 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.
b. The John B. Pierce Laboratory, Inc. and Subsidiary did not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.