Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Nonprofit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, whereas certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: VERAM did not elect to use the 10% De Minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance. Indirect costs rates were allocated based on predetermined rates negotiated with the Department of Defenses Office of Naval Research.