Notes to SEFA
The single audit is the performance of a uniform audit of all the Mid-Atlantic Regional Air Management Association, Inc. federal grants in conjunction with the annual audit of the basic financial statements. The adoption of such a procedure was formalized by the U.S. Office of Management and Budget (OMB) in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The single audit fulfills all the Federal agencies’ audit requirements which include financial, compliance and the adequacy of internal control. All federal award programs operated by the Mid-Atlantic Regional Air Management Association, Inc. are included in the scope of the Uniform Guidance audit.
Single audit testing procedures were performed for transactions occurring during the fiscal year ended September 30, 2025.
The Mid-Atlantic Regional Air Management Association, Inc. received $1,140,308 of non-cash assistance from technology deployment agreements, which required the beneficiary to match a portion of the total expenditure as a condition of the agreement. Such non-cash assistance is required as a part of the Mid-Atlantic Regional Air Management Association, Inc. grant agreements identified as award numbers DE-96378201 and DE-96370903 in the Schedule of Expenditures Federal Awards on page 21.
The Mid-Atlantic Regional Air Management Association, Inc. did not receive or administer any federal loan programs during the fiscal year ended September 30, 2025.
The Mid-Atlantic Regional Air Management Association, Inc. maintains property and liability insurance which management believes is sufficient to meet its needs. Substantially all of the insurance coverage is either directly or indirectly funded by federal awards.