Audit 321955

Title: BASIS OF PRESENTATION Accounting Policies: All Federal grant operations of the Association for the Study of African American Life and History, Inc. (the Association) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit or Uniform Guidance). The Single Audit was performed in accordance with the provisions of the Office of Management and Budget (OMB) Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the major grant program noted below. The programs on the schedule of expenditures of Federal awards represents all Federal award programs with fiscal year 2023, cash or non-cash expenditure activities and loans made with Federal awards. For single audit testing, at least 40% of Federally granted funds were needed. Actual coverage is 72%. The major programs tested is listed below. Expenditures reported on the schedule of expenditures of Federal awards (the Schedule) are reported in accordance with the cost principles contained in the Single Audit, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: Y Rate Explanation: Association has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying Schedule includes the Federal award activity of the Association and is presented on the accrual basis of accounting.