Notes to SEFA
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of ASTS under programs of the federal government for the year ended December 31, 2025. The information in the SEFA 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 SEFA presents only a selected portion of the operations of ASTS, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of ASTS.
Expenditures reported on the SEFA 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.
ASTS has elected to use the 10% de minimis indirect cost rate, which is allowed in accordance with the Uniform Guidance. Effective with the award beginning September 1, 2025, ASTS has elected to use the 15% de minimis indirect cost rate as permitted by the Uniform Guidance. The increase in rate was established by the revised 2024 Uniform Guidance.