Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in OMB Circular A-122, Cost Principles for Non-profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.Direct expenses are recorded based upon actual expenses incurred that are allowable per the program requirements. Indirect expenses are allocated based upon recorded direct expenses. The Organization allocates indirect costs using the Restricted Indirect Cost Rate (RICR) for each contract, which is calculated using the following, (General Management Costs + Fixed Costs) / Other Expenditures. The RICR applied during the year ended December 31, 2022, ranged from 4% to 7%.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Indirect expenses are allocated based upon recorded direct expenses. The Organization allocates indirect costs using the Restricted Indirect Cost Rate (RICR) for each contract, which is calculated using the following, (General Management Costs + Fixed Costs) / Other Expenditures. The RICR applied during the year ended December 31, 2022, ranged from 4% to 7%.