Notes to SEFA
Title: Reporting Entity
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Territory has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance. Cost rate is negotiated with cognizant oversight.
The Territory of American Samoa (the “Territory”), for purposes of the financial statements, includes all of the funds of the primary government as defined by Governmental Accounting Standards Board. The Schedule of Expenditures of Federal Award (the “Schedule”) does not include assistance directly received by its component units: the American Samoa Power Authority, the American Samoa Community College, the American Samoa Telecommunications Authority, and the American Samoa Medical Center Authority. These component units file separate single audit reports with the Federal Audit Clearinghouse. Federal financial assistance received by the Development Bank of American Samoa, an organization related to the Territory, is also excluded from the Schedule of Expenditures of Federal Awards.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Territory has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance. Cost rate is negotiated with cognizant oversight.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Territory under programs of the federal government for the year ended September 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). All federal awards received by the Territory are direct awards, there are no awards passed through from another entity. Because the schedule presents only a selected portion of the operations of the Territory, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Territory.
Title: Loans
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Territory has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance. Cost rate is negotiated with cognizant oversight.
The Territory had no Federal loans outstanding on September 30, 2024
Title: Passthrough Awards
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Territory has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance. Cost rate is negotiated with cognizant oversight.
Each of the federal awards presented on this Schedule of Expenditures of Federal Awards are directly received from the federal grantor.