Notes to SEFA
Accounting Policies: NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes federal awardactivity of Azleway Inc. under programs of the federal government for the year ended August 31, 2022. Theinformation in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operationof Azleway, Inc., it is not intended to and does not present the financial position, changes in net assets or cashflows of the organization. Summary of Significant Accounting Policies Expenditures reported on the Schedule 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. Pass-through entity identifying numbers are presented where available. Indirect Cost Rate Azleway, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Subrecipients The Organization did not provide federal awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.