Notes to SEFA
Accounting Policies: 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (SEFA) includes thefederal award activity of the Institute under the programs of the federal government forthe year ended December 31, 2022. The information in the SEFA is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the SEFA presents only a selectedportion of the operations of the Institute, it is not intended to, and does not, present thefinancial position, changes in net assets, or cash flows of the Institute.2. Summary of Significant Accounting PoliciesExpenditures reported on the SEFA are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, where certain types of expenditures are not allowable or are limited as toreimbursement.3. Indirect Cost RateThe Institute records its expenditures of federal awards using the indirect cost and fringebenefit rate per the nonprofit rate agreement with the federal government, which wasapproved in accordance with the authority of the Uniform Guidance.In this manner, the Institute has elected not to use the 10% de minimis indirect cost rateas allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.