Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") is presented on the accrual basis of accounting. The purpose of this schedule is to present a summary of those activities of American Bureau of Shipping for the year ended December 31, 2024, which have been financed by the United States government ("federal awards"). For purposes of this Schedule, federal awards include all federal assistance awarded directly between American Bureau of Shipping and the federal government and subawards from nonfederal organizations made under federally sponsored agreements. 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). Pass-through entity identification numbers and Assistance Listing numbers have been provided where available.
De Minimis Rate Used: Both
Rate Explanation: American Bureau of Shipping uses the de minimis indirect cost rate of 10% of modified total direct costs for federal awards issued by the Department of Health and Human Services, as required by the terms of the respective awards. For all other federal awards covered under this Single Audit, American Bureau of Shipping applies agreed-upon indirect cost rates as specified in the award proposals. Indirect cost recovery amounts are calculated using a sliding scale of rates negotiated and approved individually for each award.
The accompanying schedule of expenditures of federal awards (the "Schedule") is presented on the accrual basis of accounting. The purpose of this schedule is to present a summary of those activities of American Bureau of Shipping for the year ended December 31, 2024, which have been financed by the United States government ("federal awards"). For purposes of this Schedule, federal awards include all federal assistance awarded directly between American Bureau of Shipping and the federal government and subawards from nonfederal organizations made under federally sponsored agreements. 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). Pass-through entity identification numbers and Assistance Listing numbers have been provided where available.
Title: Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") is presented on the accrual basis of accounting. The purpose of this schedule is to present a summary of those activities of American Bureau of Shipping for the year ended December 31, 2024, which have been financed by the United States government ("federal awards"). For purposes of this Schedule, federal awards include all federal assistance awarded directly between American Bureau of Shipping and the federal government and subawards from nonfederal organizations made under federally sponsored agreements. 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). Pass-through entity identification numbers and Assistance Listing numbers have been provided where available.
De Minimis Rate Used: Both
Rate Explanation: American Bureau of Shipping uses the de minimis indirect cost rate of 10% of modified total direct costs for federal awards issued by the Department of Health and Human Services, as required by the terms of the respective awards. For all other federal awards covered under this Single Audit, American Bureau of Shipping applies agreed-upon indirect cost rates as specified in the award proposals. Indirect cost recovery amounts are calculated using a sliding scale of rates negotiated and approved individually for each award.
American Bureau of Shipping uses the de minimis indirect cost rate of 10% of modified total direct costs for federal awards issued by the Department of Health and Human Services, as required by the terms of the respective awards. For all other federal awards covered under this Single Audit, American Bureau of Shipping applies agreed-upon indirect cost rates as specified in the award proposals. Indirect cost recovery amounts are calculated using a sliding scale of rates negotiated and approved individually for each award.