Audit 167577

Accounting Policies: NOTE 1BASIS FOR PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the federal award activity of Ritter Center (the Center) for the year ended June 30, 2022. The information in the 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 Center, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of the Center for the year ended June 30, 2022.NOTE 2BASIS OF ACCOUNTINGThe accompanying Schedule, which is prepared on the accrual basis of accounting, presents the activity of all federal award programs of the Center. For the purpose of this Schedule, financial awards include federal awards received directly from a federal agency and federal funds received indirectly by the Center from a nonfederal agency or other organization. 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. Program expenditures in excess of the maximum reimbursement authorized or the portion of the program expenditures that were funded with other state, local or other nonfederal funds are excluded from the accompanying Schedule.The Center has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. NOTE 3RELATIONSHIP OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO THE FINANCIAL STATEMENTSConsistent with managements policy, federal awards are recorded in various revenue categories. As a result, the amount of total federal awards expended on the Schedule does not agree to the total grant revenue reported on the Statement of Activities as presented in the Center's audited financial statements for the year ended June 30, 2022. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.