Notes to SEFA
Accounting Policies: 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (SEFA) includes thefederal award activity of ACPM under programs of the federal government for the yearended December 31, 2022. The information in the SEFA is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the SEFA presents only a selected portion of theoperations of ACPM, it is not intended to, and does not, present the financial position,changes in net assets, or cash flows of ACPM.2. Summary of Significant Accounting PoliciesExpenditures reported on the SEFA are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.3. Indirect Cost RatesACPM records its expenditures of federal awards using the indirect cost and fringebenefit rates per the nonprofit rate agreement with the federal government, which wasapproved in accordance with the authority in the Uniform Guidance. In this manner,ACPM has elected not to use the 10% de minimis indirect cost rate as allowed under theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.