Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenses are not allowable or are limited as to reimbursement. Moreover, expenses include a portion of costs associated with general activities (indirect costs), which are allocated to federal awards under negotiated formulas referred to as indirect costs rates. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: As discussed in the notes, IFPRI has a negotiated rate for indirect and thus does not use the de minimis rate option
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of International Food Policy Research Institute (IFPRI) under programs of the federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a select portion of the operations of IFPRI, it is not intended to and does not present the financial position, changes in net assets or cash flows of IFPRI.
The schedule of indirect costs presents the actual indirect cost rates and the detail of expenses included in the calculation of the indirect cost rates.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenses are not allowable or are limited as to reimbursement. Moreover, expenses include a portion of costs associated with general activities (indirect costs), which are allocated to federal awards under negotiated formulas referred to as indirect costs rates. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: As discussed in the notes, IFPRI has a negotiated rate for indirect and thus does not use the de minimis rate option
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenses are not allowable or are limited as to reimbursement. Moreover, expenses include a portion of costs associated with general activities (indirect costs), which are allocated to federal awards under negotiated formulas referred to as indirect costs rates. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenses are not allowable or are limited as to reimbursement. Moreover, expenses include a portion of costs associated with general activities (indirect costs), which are allocated to federal awards under negotiated formulas referred to as indirect costs rates. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: As discussed in the notes, IFPRI has a negotiated rate for indirect and thus does not use the de minimis rate option
Grants and contracts allow for a provisional general and administrative rate to be used in applying for advance draw downs of federal funds and billings to federal agencies during the year. The provisional general and administrative rate and subcontractor administration rate for the year ended December 31, 2024, was 18.50% and 2.50%, respectively. IFPRI has a Negotiated Indirect Cost Rate Agreement (NICRA) and did not elect the 10% de minimis indirect cost rate.
General and administrative expenses are allocated to grants during the year and are included in the basic financial statements and accompanying schedules at year end, based on the actual rate in addition to direct costs less certain specific exclusions based on grant terms and provisions. The actual general and administrative rate and subcontractor administration rate for the year ended December 31, 2024, was 17.08% and 2.00%, respectively.
The provisional rates are subject to adjustment, based on final rates and as agreed upon by the federal oversight agency.
Title: Assistance Listings
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenses are not allowable or are limited as to reimbursement. Moreover, expenses include a portion of costs associated with general activities (indirect costs), which are allocated to federal awards under negotiated formulas referred to as indirect costs rates. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: As discussed in the notes, IFPRI has a negotiated rate for indirect and thus does not use the de minimis rate option
As a research institute, all of IFPRI’s federal awards have been attributed to the Research and Development Cluster. The following known assistance listings are included in IFPRI’s Research and Development Cluster for the year ended December 31, 2024: