Notes to SEFA
The Wadhwani Institute for Artificial Intelligence Foundation (the Foundation), a California nonprofit public benefit corporation, was founded in August 2017 with the primary mission to develop and apply artificial intelligence (AI)-based solutions to a broad range of societal domains, including healthcare, agriculture, education, infrastructure, and financial inclusion in emerging economies. The Foundation receives funding through a direct grant from the United States Agency for International Development (USAID), which contains a COVID funding component separately disclosed.
Basis of Presentation: The schedule of expenditures of federal awards (the Schedule) includes the Foundation’s federal award activities under USAID grants for the year ended December 31, 2023. The information in the 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 Foundation’s operations, it is not intended to and does not present the Foundation’s results of operations, and cash flows in accordance with accounting principles generally accepted in the United States of America (US GAAP). Cost Principles: Expenditures reported on the Schedule are reported on the accrual method of accounting in accordance with US GAAP. 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 Cost Rates: The Foundation has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.