Notes to SEFA
Title: FEDERAL LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the activity of all federally assisted programs of ASP and is presented on the accrual basis of accounting, as described in Note 1 to ASP's basic financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on this schedule.
De Minimis Rate Used: N
Rate Explanation: ASP did not elect to use the 10% de minimis indirect cost rate.
At December 31, 2024, ASP had no outstanding loan balances requiring continuing disclosure.