Audit 176773

Accounting Policies: Native American Advancement Corporation, Inc.Notes to the Schedule of Expenditures of Federal and State AwardsMarch 31, 2022Note 1. General InformationThe accompanying Schedule of Expenditures of Federal and State Awards presents the activities in all the federal and state programs of Native American Advancement Corporation, Inc. All financial assistance received directly from federal and state agencies as well as financial assistance passed through other governmental agencies are included on the schedules.Note 2. Basis of AccountingThe accompanying schedule is presented on the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to state funding agencies due to those reports being submitted on a cash or modified accrual basis of accounting.Note 3. Relationship to Basic Financial StatementsFederal and state awards expenditures are reported on the statement of functional expenses as program services. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported on the Schedule of Expenditures of Federal and State Awards due to program expenditures exceeding grant or contract budget limitations or due to the application of accounting policies required under accounting principles generally accepted in the United States of America. Note 4. Sub-RecipientsOf the Federal and state expenditures presented in this schedule, no expenditures were used to provide Federal or state awards to sub-recipients.Note 5. Contract AmendmentsThe data on the accompanying schedule reflects contract amendments through the financial statement date of March 31, 2022. Data from any contract amendments occurring after this date have not been incorporated into the accompanying schedule, but will be reflected on next year's schedule of expenditures of federal and state awards.Note 6. Indirect Cost RateThe Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.