Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of America's Automotive Trust and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: America's Automotive Trust has not a negotiated indirect cost rate for use on federal grants and contracts. Accordingly, America's Automotive Trust is eligible to elect use of the 10% de minimis indirect cost rate.