Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. AAMA has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes
federal grant activities of AAMA under programs of the federal government for the year ended
August 31,2024. The information in the 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”). Because the Schedule presents only a selected portion of AAMA's operations,
they are not intended to and do not present the financial position, changes in net assets, and
cash flows of AAMA as a whole.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. AAMA has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Subpart E of the
Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. AAMA has elected not to use the 10 percent de minimis indirect cost rate
allowed under Uniform Guidance.
Title: RELATIONSHIP OF THE SCHEDULE TO FINANCIAL REPORTS SUBMITTED TO Grantor agencies
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. AAMA has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reflected in the financial reports filed with grantor agencies for the programs and the
Schedule may not agree because of accruals, which would be included in the next report filed
with the agencies, matching requirements not included in the Schedule and different program
year ends.
Title: COMMITMENTS AND CONTINGENCIES
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. AAMA has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal grants received by AAMA are subject to review and audit by grantor agencies.
AAMA’s management believes that the results of such audits will not have a material effect
on the Schedule.