Notes to SEFA
Title: FEDERAL EXPENDITURES OF AFFILIATED ENTITY
Accounting Policies: The accompanying schedule of federal and state awards (the Schedule) includes the federal and state award activity of the National Institute of Minority Economic Development (the Institute) for the year ended December 31, 2022. 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). Because the Schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the financial position, results of operations, or cash flows of the Institute. Expenditures reported on 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 to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: The Institute generally elected to use the 10% de minimis indirect cost rate for its federal awards. Indirect costs charged to Public Allies North Carolina grants were limited to grant-approved amounts.
The accompanying schedule of federal and state awards excludes the federal expenditures of Institute Capital, Inc., an affiliated entity. These expenditures are reported in the schedule of expenditures of federal awards accompanying Institute Capital, Inc.s separately-issued audited financial statements for the year ended December 31, 2022.