Notes to SEFA
Title: Describe the significant accounting policies
used in preparing the SEFA. (2 CFR 200.510(b)(6))
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 UniformGuidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: 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 Garden has a negotiated indirect cost rate specific to research. The Garden has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance in situations where the negotiated cost rate is not applicable or allowed.
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 UniformGuidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Did the auditee use the de minimis cost rate?
(2 CFR 200.414(f))
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 UniformGuidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: 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 Garden has a negotiated indirect cost rate specific to research. The Garden has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance in situations where the negotiated cost rate is not applicable or allowed.
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 Garden has a negotiated indirect cost rate specific to research. The Garden has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance in situations where the negotiated cost rate is not applicable or allowed.