Notes to SEFA
Accounting Policies: 1. Summary of Significant Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (SEFA) presents the activity of all federal award programs administered by Masonic Medical Research Laboratory, dba Masonic Medical Research Institute (the Institute), an entity defined in Note 1 to the Institute's basic consolidated financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Expenditures are calculated as required by the Uniform Guidance or the applicable program and do not constitute actual program disbursements. Basis of Accounting: The Institute uses the accrual basis of accounting for each federal program, consistent with the consolidated financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Institute's financial reporting system. Indirect Costs: The Institute has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Rather, the Institute applies an indirect cost rate as permitted by the grant agreements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.