Title: BASIS OF PRESENTATION
Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of AsylumWorks 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).
Therefore, some amounts presented in this Schedule may differ from amounts presented in, or
used in the preparation of, the basic financial statements. Because the Schedule presents only
a selected portion of the operations of AsylumWorks, it is not intended to and does not present
the financial position, changes in net assets or cash flows of AsylumWorks.
De Minimis Rate Used: Y
Rate Explanation: AsylumWorks elected to use the 10% de minimus cost rate.
The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of AsylumWorks 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).
Therefore, some amounts presented in this Schedule may differ from amounts presented in, or
used in the preparation of, the basic financial statements. Because the Schedule presents only
a selected portion of the operations of AsylumWorks, it is not intended to and does not present
the financial position, changes in net assets or cash flows of AsylumWorks.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of AsylumWorks 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).
Therefore, some amounts presented in this Schedule may differ from amounts presented in, or
used in the preparation of, the basic financial statements. Because the Schedule presents only
a selected portion of the operations of AsylumWorks, it is not intended to and does not present
the financial position, changes in net assets or cash flows of AsylumWorks.
De Minimis Rate Used: Y
Rate Explanation: AsylumWorks elected to use the 10% de minimus cost rate.
All of AsylumWorks’s federal awards were in form of cash assistance for the year ended
September 30, 2024.
AsylumWorks had no federally funded insurance programs or loan guarantees during the year
ended September 30, 2024.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following 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.
AsylumWorks elected to use the 10% de minimus cost rate.
Title: RECONCILIATION WITH AUDITED FINANCIAL STATEMENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of AsylumWorks 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).
Therefore, some amounts presented in this Schedule may differ from amounts presented in, or
used in the preparation of, the basic financial statements. Because the Schedule presents only
a selected portion of the operations of AsylumWorks, it is not intended to and does not present
the financial position, changes in net assets or cash flows of AsylumWorks.
De Minimis Rate Used: Y
Rate Explanation: AsylumWorks elected to use the 10% de minimus cost rate.
The following summary reconciles total federal awards with the audited financial statements for the year ended September 30, 2024: