Audit 50382

Accounting Policies: NOTE A: GENERALThe Schedule of Expenditures of Federal Awards presents the activity of all applicable federal awards of the Aspermont Small Business Development Center, Inc. The Aspermont Small Business Development Center, Inc.'s reporting entity is defined in Note 1 of the financial statements. Federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies are included on the Schedule of Expenditures of Federal Awards.NOTE B: BASIS OF ACCOUNTINGThe Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. The accrual basis of accounting is described in Note 2 of the financial statements. Cost reimbursement federal grants are considered to be earned to the extent of expenditures made under the provision of the grant and, accordingly, when such funds are received they are recorded as deferred revenue until earned. The Schedule includes all federal revenue recognized in the Aspermont Small Business Development Center, Inc.'s financial statements.The format for the Schedule of Expenditures of Federal Awards has been prescribed by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The Aspermont Small Business Development Center, Inc. did not elect to use the 10 percent de minimis indirect cost rate.NOTE C: MEDICAL TRANSPORTATION PROGRAMThe Organization also participates in Medical Transportation Programs that are reimbursed on a fee basis. Revenues for the year ended February 28, 2022 were $128,487 for the program under a contract with American Medical Response and $111,152 under a contract with Saferide, Inc.NOTE D: RECONCILIATION OF TEXAS DEPARTMENT OF TRANSPORTATION GRANT REVENUEThe Organization expended only federal awards from the Texas Department of Transportation for the year ended February 28, 2022 totaling $1,428,844. There were no state awards expended for the year. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.