Audit 15808

Title: Note D. Federal Pass‐Through Funds Accounting Policies: Note A. Basis of Presentation The Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant award activity of National College Advising Corps, Inc. (the "Organization") under programs of the federal government for the year ended June 30, 2023. The information in this Schedule 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 Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization. Note B. 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. De Minimis Rate Used: N Rate Explanation: Note C. Indirect Cost Rate The Organization has elected not to use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization is also the subrecipient of federal funds that have been reported as expenditures and listed as federal pass‐through funds. Federal awards other than those indicated as “pass‐through” are considered direct.

Title: Note E. Contingencies Accounting Policies: Note A. Basis of Presentation The Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant award activity of National College Advising Corps, Inc. (the "Organization") under programs of the federal government for the year ended June 30, 2023. The information in this Schedule 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 Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization. Note B. 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. De Minimis Rate Used: N Rate Explanation: Note C. Indirect Cost Rate The Organization has elected not to use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance. Grant monies received and disbursed by the Organization are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon prior experience, the Organization does not believe that such disallowance, if any, would have a material effect on its financial position.