Notes to SEFA
The accompanying schedule of expenditures of Federal awards (the Schedule) includes the federal grant activity of Advanced Functional Fabrics of America, Inc. (the Organization) under programs of federal government for the year ended June 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 Organization’s operations, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
(1) Expenditures in 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. (2) Pass-through entity identifying numbers are presented where available.
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
During the year ended June 30, 2025, the Organization repaid $114,442 related to a prior-year, multi-year federal award following a routine federal agency review. The repayment is reflected as a reduction of federal awards expended in the accompanying Schedule of Expenditures of Federal Awards.