Notes to SEFA
Title: Note 1 - General
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Rather, the Association uses the indirect cost rate as negotiated and approved by the United States Department of Education.
The accompanying schedule of expenditures of federal awards presents expenditures for all federal assistance awards that were in effect for the year ended August 31, 2022 for Intercultural Development Research Association (the Association). The Association's reporting entity is described in Note 1 of the basic financial statements.
Title: Note 2 Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Rather, the Association uses the indirect cost rate as negotiated and approved by the United States Department of Education.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Association and is presented on the accrual basis of accounting. The information in this 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. Because the schedule presents only a selected portion of the operations of the Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.
Title: Note 5 - Other Disclosures
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Rather, the Association uses the indirect cost rate as negotiated and approved by the United States Department of Education.
There were no loans or loan guarantees outstanding at year end. The Association did not disburse any federal awards to subrecipients for the year ended August 31, 2022.