Notes to SEFA
Title: Subrecipients
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expendituresare recognized following, as applicable, either the cost principles contained in Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limitedas to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Institute has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
During the year ended June 30, 2022, the Institute provided no federal awards to subrecipients.
Title: Contingency
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expendituresare recognized following, as applicable, either the cost principles contained in Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limitedas to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Institute has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Project expenditures are subject to audit and adjustment. If any expenditures were to be disallowed by the grantor agency as a result of such an audit, any claim for reimbursement to the grantor agency would become a liability of the Institute. In the opinion of management, all project expenditures included on the accompanying schedule are in compliance with the terms of the project agreements and applicable federal and state laws and regulations.