Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of National Institute of Aerospace Associates 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). Because the Schedule
presents only a selected portion of the operations of the Organization, it is not intended to and does not
present the financial position, change in net assets, or cash flows of the Organization. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts reflected in 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 Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of National Institute of Aerospace Associates 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). Because the Schedule
presents only a selected portion of the operations of the Organization, it is not intended to and does not
present the financial position, change in net assets, or cash flows of the Organization.
Title: Note 2. Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of National Institute of Aerospace Associates 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). Because the Schedule
presents only a selected portion of the operations of the Organization, it is not intended to and does not
present the financial position, change in net assets, or cash flows of the Organization. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts reflected in 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 Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts reflected in the
schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
Title: Note 3. Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of National Institute of Aerospace Associates 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). Because the Schedule
presents only a selected portion of the operations of the Organization, it is not intended to and does not
present the financial position, change in net assets, or cash flows of the Organization. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts reflected in 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 Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.