Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Center for Applied Research Solutions, Inc., 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 CARS, it is not intended to and does not present the financial position, or its related statement of activities, functional expenses, or cash flows.
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.
The organization elected to use the de minimis indirect cost rate for indirect cost reimbursements. For awards prior to October 1, 2024, a rate of 10% of modified total direct costs (MTDC) was applied. For awards beginning on or after October 1, 2024, the organization applied the revised de minimis rate of 15% as permitted.