Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of AAPT under programs of the federal government for the year ended December 31, 2024. 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 the operations of AAPT; accordingly, it is not intended to and does not present the financial position, changes in net assets or cash flows of AAPT.
Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement.
AAPT has elected not to use the 10% de-minimis indirect cost rate as allowed under the Uniform Guidance.
Title 2 U.S. Code of Federal Regulations (CFR) Part 200.80 defines program income as gross income earned by the non-Federal entity that is directly generated by a supported activity or earned as a result of the Federal award during the period of performance. Income earned after the end of the period of performance for the Federal award is excluded unless the Federal awarding agency regulations or the terms and conditions of the Federal award provide otherwise. Program income was earned during the year ended December 31, 2024 related to the following grants: