Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Institute records its expenditures of federal awards using the indirect cost and fringe benefit rate per the indirect cost rates agreement with the federal government, which was approved in accordance with the authority of the Uniform Guidance. Accordingly, the Institute has not elected to use the 10% de minimis indirect rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of the Institute under the programs of the federal government for the year ended December 31, 2024. The information in 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 the Institute, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Institute.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Institute records its expenditures of federal awards using the indirect cost and fringe benefit rate per the indirect cost rates agreement with the federal government, which was approved in accordance with the authority of the Uniform Guidance. Accordingly, the Institute has not elected to use the 10% de minimis indirect rate as 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.
Title: 3. Indirect Cost Rates
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Institute records its expenditures of federal awards using the indirect cost and fringe benefit rate per the indirect cost rates agreement with the federal government, which was approved in accordance with the authority of the Uniform Guidance. Accordingly, the Institute has not elected to use the 10% de minimis indirect rate as allowed under the Uniform Guidance.
The Institute records its expenditures of federal awards using the indirect cost and fringe benefit rate per the indirect cost rates agreement with the federal government, which was approved in accordance with the authority of the Uniform Guidance. Accordingly, the Institute has not elected to use the 10% de minimis indirect rate as allowed under the Uniform Guidance.