Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. 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 toreimbursement. Pass-through entity identifying numbers are presented where available.IRIS reports program income received in connection with activities funded by federal awards as a reduction of federal expenses on the Schedule. The total program income for the year ended June 30, 2022 was $112,936.
De Minimis Rate Used: N
Rate Explanation: IRIS has not elected the de minimis 10% indirect cost rate recovery option.
The accompanying schedule of expenditures of federal awards (the Schedule) includesthe Federal award activity of IRIS under programs of the U.S. Federal government for the year ended June 30, 2022. 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 operations of IRIS, it is not intended to and does not present the financial position, changes in net assets or cash flows of IRIS.