Notes to SEFA
BASIS OF PRESENTATION:The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes all federal award activity of IMCI under programs of the federal government for the year ended June 30, 2025. The information in the Schedule is presented in accordance with the requirements of 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 IMCI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of IMCI.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
SUBRECIPIENTS: Of the federal expenditures presented in the Schedule, IMCI did not provide any federal awards to subrecipients.
INDIRECT COST RATE: IMCI used an approved indirect cost rate of 22.43% for the year ended June 30, 2025.