Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Such
expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-
122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The Association has elected
not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the
Federal award activity of the Association under programs of the Federal Government for the year
ended December 31, 2024. Information in the 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 (Uniform Guidance).
The Schedule presents only a selected portion of the operations of the Association; accordingly, it
is not intended to and does not present the financial position, changes in net assets or cash flows
of the Association.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Such
expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-
122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The Association has elected
not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-
122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The Association has elected
not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
Title: Note 3. Assistance Listing Number 81.089
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Such
expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-
122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The Association has elected
not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
The Association has evaluated the nature of its awards under the assistance listing number
81.089 and determined that they do not meet the definition of research and development awards
per Part 5 of the 2020 OMB Compliance Supplement despite that the title of the assistance listing
number 81.089 includes "Research and Development".