Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Max Planck Florida Corporation d/b/a Max Planck Florida Institute for Neuroscience (the "Institute") for the year ended December 31, 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Institute.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Institute has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.