Notes to SEFA
Title: Pass Through Awards
Accounting Policies: Basis of PresentationThe schedule of expenditures of federal awards (the Schedule) is prepared on the accrual basis ofaccounting. The information in this Schedule is presented in accordance with the requirements of theUniform Guidance, Audits of State and Local Governments and Non-Profit Foundations. Because theSchedule presents only a selected portion of the operations of Arizona Veterans Research and EducationFoundation (the Foundation), it is not intended to, and does not, present the financial position, changes innet assets, or cash flows of the Foundation.Summary of Significant Accounting PoliciesExpenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-ProfitFoundations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The Foundation has elected not to use the 10-percent de minims indirect cost rate allowed under theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Foundation receives federal financial assistance from various Foundations which are pass-throughawards from federal grantors. The amounts of direct awards and pass-through awards are included on theschedule of expenditures of federal awards.
Title: Subrecipients
Accounting Policies: Basis of PresentationThe schedule of expenditures of federal awards (the Schedule) is prepared on the accrual basis ofaccounting. The information in this Schedule is presented in accordance with the requirements of theUniform Guidance, Audits of State and Local Governments and Non-Profit Foundations. Because theSchedule presents only a selected portion of the operations of Arizona Veterans Research and EducationFoundation (the Foundation), it is not intended to, and does not, present the financial position, changes innet assets, or cash flows of the Foundation.Summary of Significant Accounting PoliciesExpenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-ProfitFoundations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The Foundation has elected not to use the 10-percent de minims indirect cost rate allowed under theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in the Schedule, the Foundation provided federal awards tosubrecipients as follows:CFDA No. Federal ProgramAmount Provided toSubrecipients12.420 Military Medical Research andDevelopment$ 3,08847.070 Computer and InformationScience and Engineering6,606As a subrecipient, the Foundation has certain compliance responsibilities, such as monitoring its subrecipientsto help assure they use these sub-awards as authorized by laws, regulations, and the provisions of contracts orgrant agreements, and that subrecipients achieve the awards performance goals.