Notes to SEFA
Basis of presentation - The accompanying schedule of expenditures of federal awards includes the federal award activity of Innovation Works, Inc. (“IW”) for the year ended June 30, 2025. 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, Costs Principles, and Audit Requirements of Federal Awards ("Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic consolidated financial statements. Cost principals - Expenditures reported on the schedule of expenditures of federal awards 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. Indirect costs - IW did not elect to use the 10% de minimis indirect cost rate as permitted under the Uniform Guidance.
Federal funds passed through to subrecipients for the year ended June 30, 2025 were as follows: Pittsburgh Robotics Network: $963,395; Carnegie Mellon University: $205,285.