Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of American International Academy under programs of the federal government for the year ended June 30, 2025. 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 American International Academy, it is not intended to and does not present the financial position, changes in net assets, or cash flows of American International Academy.
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 shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
American International Academy has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The value of the noncash assistance received was determined in accordance with the provisions of Uniform Guidance.
Management has utilized the Grant Auditor Report in preparing the schedule of expenditures of federal awards. Unreconciled differences, if any, have been disclosed to the auditor.
During the year ended June 30, 2024, $200 of additional expenditures were allocated to the Title I RAG grant (ALN 84.010) that were not included in the receivable reported. The funds were received during the current fiscal year, but related to expenditures from prior years so an adjustment was made to properly report funds received and current year expenditures.