Audit 318298

Title: NOTE 1—BASIS OF PRESENTATION 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 OR OTHER APPLICABLE COST PRINCIPLES, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT. De Minimis Rate Used: N Rate Explanation: Asian Americans for Equality, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Asian Americans for Equality, Inc. (the “Agency”) under programs of the federal government for the year ended December 31, 2023. It does not include award activity for any of the subsidiaries of Asian Americans for Equality, Inc., some of which have separate single audit reports. The information in this Schedule is presented in accordance with the requirements of the Title 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 Agency, it is not intended to, and does not present the financial position, changes in net assets or cash flows of the Agency.

Title: NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 OR OTHER APPLICABLE COST PRINCIPLES, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT. De Minimis Rate Used: N Rate Explanation: Asian Americans for Equality, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for amounts passed through to subrecipients which are reported on the Schedule when the disbursement is made to the subrecipient. Such expenditures are recognized following the cost principles contained in the Uniform Guidance or other applicable cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.

Title: NOTE 3—INDIRECT COST RATES 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 OR OTHER APPLICABLE COST PRINCIPLES, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT. De Minimis Rate Used: N Rate Explanation: Asian Americans for Equality, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance Asian Americans for Equality, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.