Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Lovelace Biomedical Research Institute and Subsidiary (LBRI) under programs of the federal government for year ended June 30, 2025. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) 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 LBRI, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of LBRI.
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, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. LBRI has elected to not use the de minimis indirect cost rate as allowed under Uniform Guidance. LBRI uses negotiated indirect costs for federal awards as approved.
All of the programs in the Schedule are considered part of LBRI’s research and development cluster.
Of the federal expenditures presented in the Schedule, LBRI provided federal awards to the following subrecipients: – Children’s Hospital of Philadelphia – University of Colorado – University of New Mexico – University of Wisconsin – Yale University