Title: SCOPE OF AUDIT PURSUANT TO UNIFORM GUIDANCE
Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Mid-Atlantic Regional Air Management Association, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Accrued and Deferred Reimbursement: Various reimbursement procedures are used for federal awards received by the Mid-Atlantic Regional Air Management Association, Inc. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the fiscal year. Accrued balances at year-end represent an excess of reimbursable expenditures over cash receipts to date. Deferred balances at year-end represent an excess of cash receipts over reimbursable expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash receipts and expenditures will be reversed in the subsequent fiscal year.
De Minimis Rate Used: N
Rate Explanation: The Mid-Atlantic Regional Air Management Association, Inc. has elected not to use the 10% de minimis indirect cost rate as outlined in the Uniform Guidance. The Organization receives a federally-negotiated indirect cost rate from the U.S. Department of the Interior. The provisional rate for the year ended September 30, 2024 is based on the final indirect cost rate for the year ended September 30, 2022, and amounted to 69.78%.
The single audit is the performance of a uniform audit of all the Mid-Atlantic Regional Air Management Association, Inc. federal grants in conjunction with the annual audit of the basic financial statements. The adoption of such a procedure was formalized by the U.S. Office of Management and Budget (OMB) in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The single audit fulfills all the Federal agencies’ audit requirements which include financial, compliance and the adequacy of internal control. All federal award programs operated by the Mid-Atlantic Regional Air Management Association, Inc. are included in the scope of the Uniform Guidance audit.
Title: FISCAL PERIOD AUDITED
Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Mid-Atlantic Regional Air Management Association, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Accrued and Deferred Reimbursement: Various reimbursement procedures are used for federal awards received by the Mid-Atlantic Regional Air Management Association, Inc. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the fiscal year. Accrued balances at year-end represent an excess of reimbursable expenditures over cash receipts to date. Deferred balances at year-end represent an excess of cash receipts over reimbursable expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash receipts and expenditures will be reversed in the subsequent fiscal year.
De Minimis Rate Used: N
Rate Explanation: The Mid-Atlantic Regional Air Management Association, Inc. has elected not to use the 10% de minimis indirect cost rate as outlined in the Uniform Guidance. The Organization receives a federally-negotiated indirect cost rate from the U.S. Department of the Interior. The provisional rate for the year ended September 30, 2024 is based on the final indirect cost rate for the year ended September 30, 2022, and amounted to 69.78%.
Single audit testing procedures were performed for transactions occurring during the fiscal year ended September 30, 2024.
Title: NON-CASH ASSISTANCE
Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Mid-Atlantic Regional Air Management Association, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Accrued and Deferred Reimbursement: Various reimbursement procedures are used for federal awards received by the Mid-Atlantic Regional Air Management Association, Inc. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the fiscal year. Accrued balances at year-end represent an excess of reimbursable expenditures over cash receipts to date. Deferred balances at year-end represent an excess of cash receipts over reimbursable expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash receipts and expenditures will be reversed in the subsequent fiscal year.
De Minimis Rate Used: N
Rate Explanation: The Mid-Atlantic Regional Air Management Association, Inc. has elected not to use the 10% de minimis indirect cost rate as outlined in the Uniform Guidance. The Organization receives a federally-negotiated indirect cost rate from the U.S. Department of the Interior. The provisional rate for the year ended September 30, 2024 is based on the final indirect cost rate for the year ended September 30, 2022, and amounted to 69.78%.
The Mid-Atlantic Regional Air Management Association, Inc. received $696,272 of non-cash assistance from technology deployment agreements, which required the beneficiary to match a portion of the total expenditure as a condition of the agreement. Such non-cash assistance is required as a part of the Mid-Atlantic Regional Air Management Association, Inc. grant agreements identified as award numbers DE-96370001, DE-96378201, and DE-96370903 in the Schedule of Expenditures Federal Awards on page 20.
Title: FEDERAL LOAN PROGRAMS
Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Mid-Atlantic Regional Air Management Association, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Accrued and Deferred Reimbursement: Various reimbursement procedures are used for federal awards received by the Mid-Atlantic Regional Air Management Association, Inc. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the fiscal year. Accrued balances at year-end represent an excess of reimbursable expenditures over cash receipts to date. Deferred balances at year-end represent an excess of cash receipts over reimbursable expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash receipts and expenditures will be reversed in the subsequent fiscal year.
De Minimis Rate Used: N
Rate Explanation: The Mid-Atlantic Regional Air Management Association, Inc. has elected not to use the 10% de minimis indirect cost rate as outlined in the Uniform Guidance. The Organization receives a federally-negotiated indirect cost rate from the U.S. Department of the Interior. The provisional rate for the year ended September 30, 2024 is based on the final indirect cost rate for the year ended September 30, 2022, and amounted to 69.78%.
The Mid-Atlantic Regional Air Management Association, Inc. did not receive or administer any federal loan programs during the fiscal year ended September 30, 2024.
Title: INSURANCE
Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Mid-Atlantic Regional Air Management Association, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Accrued and Deferred Reimbursement: Various reimbursement procedures are used for federal awards received by the Mid-Atlantic Regional Air Management Association, Inc. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the fiscal year. Accrued balances at year-end represent an excess of reimbursable expenditures over cash receipts to date. Deferred balances at year-end represent an excess of cash receipts over reimbursable expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash receipts and expenditures will be reversed in the subsequent fiscal year.
De Minimis Rate Used: N
Rate Explanation: The Mid-Atlantic Regional Air Management Association, Inc. has elected not to use the 10% de minimis indirect cost rate as outlined in the Uniform Guidance. The Organization receives a federally-negotiated indirect cost rate from the U.S. Department of the Interior. The provisional rate for the year ended September 30, 2024 is based on the final indirect cost rate for the year ended September 30, 2022, and amounted to 69.78%.
The Mid-Atlantic Regional Air Management Association, Inc. maintains property and liability insurance which management believes is sufficient to meet its needs. Substantially all of the insurance coverage is either directly or indirectly funded by federal awards.