Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and are include with in contract revenues in the consolidated statement of activities. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. ATI has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not sue the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal
award activity of Advanced Technology International and Subsidiary (“ATI”) under programs of the
federal government for the year ended September 30, 2023. The information in the Schedule is
presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the
operations of ATI, it is not intended to and does not present the financial position, changes in net
assets, or cash flows of ATI.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and are include with in contract revenues in the consolidated statement of activities. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. ATI has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not sue the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting and are
included within contract revenues in the consolidated statement of activities. 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. Negative amounts
shown on the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. ATI has elected not to use the 10percent
de
minimis indirect cost rate allowed under the Uniform Guidance.
Title: Loans Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and are include with in contract revenues in the consolidated statement of activities. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. ATI has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not sue the de minimis cost rate.
ATI did not have any federal loan balances outstanding as of September 30, 2023.
Title: Contingencies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and are include with in contract revenues in the consolidated statement of activities. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. ATI has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not sue the de minimis cost rate.
ATI’s federal programs are subject to financial and compliance audits by grantor agencies. Instances
of material noncompliance may result in disallowed expenditures and affect ATI’s continued
participation in specific programs. The amount, if any, of expenditures which may be disallowed by
the grantor agencies cannot be determined at this time, although ATI expects such amounts, if any,
to be immaterial.