Notes to SEFA
Accounting Policies: 1.BASIS OF PRESENTATION:The above schedule of expenditures of federal awards is for the federal financial assistance received by The International Center (Center) in the form of a cooperative agreement and fixed-amount award. 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).2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:Expenditures are reported on the accrual basis of accounting, consistent with the basis of accounting used to prepare the Centers audited financial statements. 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 to reimbursement (e.g., the Center has adjusted the distribution base on which indirect cost are allocated, using its negotiated indirect rate, for distorting items such as major subcontracts when present). The Center is subject to a predetermined indirect rate of 18 percent for 2022 (and therefore not using the alternative de minimis indirect rate of 10 percent).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate - see above.