Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “schedule”) has been prepared using the accrual basis of accounting and includes expenditures for all federally funded grants administered by the AMA. Direct and Indirect Expenditures — Expenditures presented in the schedule consist of direct and indirect costs. Direct costs are those that can be easily attributed to a federal award, such as the salary of a principal investigator. Indirect costs cannot be easily attributed to a federal award and relate to the cost of services and resources that benefit federal awards as well as non-federal activities of the AMA.
The AMA has a policy that allows for the allocation of indirect costs such as salaries, employee benefits, occupancy, and other miscellaneous organizational costs relating to federal grants. Indirect costs are charged to federal grants based on the indirect cost rate approved by the U.S. Department of Health and Human Services. As such, the AMA did not elect to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The AMA has a policy that allows for the allocation of indirect costs such as salaries, employee benefits, occupancy, and other miscellaneous organizational costs relating to federal grants. Indirect costs are charged to federal grants based on the indirect cost rate approved by the U.S. Department of Health and Human Services. As such, the AMA did not elect to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The AMA receives federally funded grants to support research and development for various initiatives. Expenditures charged to federally funded grants are incurred for the purposes specified by the funding source in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).The accompanying schedule of expenditures of federal awards (the “schedule”) has been prepared using the accrual basis of accounting and includes expenditures for all federally funded grants administered by the AMA for the year ended December 31, 2023. For purposes of the schedule, federal awards include all grants and cooperative agreements entered into directly between AMA and agencies and departments of the federal government as well as federal awards passed through to the AMA by other governmental entities or not-for-profit organizations. The schedule should be read in conjunction with AMA’s consolidated financial statements.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “schedule”) has been prepared using the accrual basis of accounting and includes expenditures for all federally funded grants administered by the AMA. Direct and Indirect Expenditures — Expenditures presented in the schedule consist of direct and indirect costs. Direct costs are those that can be easily attributed to a federal award, such as the salary of a principal investigator. Indirect costs cannot be easily attributed to a federal award and relate to the cost of services and resources that benefit federal awards as well as non-federal activities of the AMA.
The AMA has a policy that allows for the allocation of indirect costs such as salaries, employee benefits, occupancy, and other miscellaneous organizational costs relating to federal grants. Indirect costs are charged to federal grants based on the indirect cost rate approved by the U.S. Department of Health and Human Services. As such, the AMA did not elect to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The AMA has a policy that allows for the allocation of indirect costs such as salaries, employee benefits, occupancy, and other miscellaneous organizational costs relating to federal grants. Indirect costs are charged to federal grants based on the indirect cost rate approved by the U.S. Department of Health and Human Services. As such, the AMA did not elect to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
Direct and Indirect Expenditures — Expenditures presented in the schedule consist of direct and indirect costs. Direct costs are those that can be easily attributed to a federal award, such as the salary of a principal investigator. Indirect costs cannot be easily attributed to a federal award and relate to the cost of services and resources that benefit federal awards as well as non-federal activities of the AMA.
The AMA has a policy that allows for the allocation of indirect costs such as salaries, employee benefits, occupancy, and other miscellaneous organizational costs relating to federal grants. Indirect costs are charged to federal grants based on the indirect cost rate approved by the U.S. Department of Health and Human Services. As such, the AMA did not elect to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NONCASH ASSISTANCE AND FEDERAL INSURANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “schedule”) has been prepared using the accrual basis of accounting and includes expenditures for all federally funded grants administered by the AMA. Direct and Indirect Expenditures — Expenditures presented in the schedule consist of direct and indirect costs. Direct costs are those that can be easily attributed to a federal award, such as the salary of a principal investigator. Indirect costs cannot be easily attributed to a federal award and relate to the cost of services and resources that benefit federal awards as well as non-federal activities of the AMA.
The AMA has a policy that allows for the allocation of indirect costs such as salaries, employee benefits, occupancy, and other miscellaneous organizational costs relating to federal grants. Indirect costs are charged to federal grants based on the indirect cost rate approved by the U.S. Department of Health and Human Services. As such, the AMA did not elect to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The AMA has a policy that allows for the allocation of indirect costs such as salaries, employee benefits, occupancy, and other miscellaneous organizational costs relating to federal grants. Indirect costs are charged to federal grants based on the indirect cost rate approved by the U.S. Department of Health and Human Services. As such, the AMA did not elect to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The AMA did not receive any noncash federal awards, federal insurance, or loans or guarantees during the year ended December 31, 2023.