Notes to SEFA
The foregoing schedule of expenditures of federal awards includes the federal grant activity of the American Sheep Industry Association, Inc., and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the consolidated financial statements.
American Sheep Industry Association, Inc. has not elected to use the 15% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.