Notes to SEFA
Accounting Policies: The schedule includes the federal awards activity of AFAAC and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Because the schedule presents only a selected portion of the operation of AFAAC, it is not intended to and does not present the financial position, results of operations or cash flows of AFAAC.
De Minimis Rate Used: N
Rate Explanation: AFAAC has elected to not use the 10 percent de minimus indirect cost rate to charge costs to their federal awards.