Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of the Consortium of Universities of the Washington Metropolitan Area (the Consortium) under programs of the federal government for the year ended June 30, 2022.The information on the SEFA 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 SEFA presents only a selected portion of the operations of the Consortium, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Consortium.
De Minimis Rate Used: N
Rate Explanation: The Consortium has elected not to use the 10% de minimis indirect cost rate under the Uniform Guidance. The Consortium's current indirect rates are approved by the Department of Defense.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.