Notes to SEFA
Accounting Policies: Note 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity of ARMS under programs of the federal government for the year ended May 31, 2022. The information in this Schedule is presented in accordance with the requirements of the Tile 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Center, it is not intended and does not represent the financial position, change in nets assets or cash flows of the Center. Note 2 - Summary of Significant Accounting Policies. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented when available. ARMS has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Note 3 - Indirect Cost Rate. The Center has elected no to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Note 4 - Subrecipients. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.