Audit 15943

Accounting Policies: BASIS OF ACCOUNTING 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. The amounts reported in this Schedule as expenditures may differ from certain financial reports submitted to funding agencies because those reports may be submitted on either a cash or modified accrual basis of accounting. Expenditures of federal, state, and city awards are reported on the consolidated statement of activities as operating expenses. In certain programs, the expenditures reported in the basic consolidated financial statements differ from the expenditures reported in the Schedule because other program expenditures and expenditures may exceed contract budget limitations, and are therefore not included as expenditures of federal, state, and city awards. De Minimis Rate Used: Y Rate Explanation: Mazzoni Center has elected to use the 10% de Minimis indirect cost rate allowed under the Uniform Guidance.