Audit 20748

Title: Note 2 - Noncash Assistance Accounting Policies: Note 1 - Summary of Significant Accounting Policiesa. Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (Schedule) has been prepared inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). The purpose of the Schedule is to present a summary of those activities of theNew York State Technology Enterprise Corporation (Corporation) funded by the federal governmentor pass-through entities for the year ended September 30, 2022, using the accrual basis ofaccounting. For purposes of this Schedule, federal awards include assistance provided by a federalagency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and loanguarantees, and other noncash assistance. Negative amounts, if any, on the Schedule representadjustments made to prior year expenditures in the normal course of business.b. Relationship to Financial StatementsFederal award revenues are reported in the Corporations financial statements as contract revenue.The Corporations financial statements are presented using the accrual basis. The Schedulepresents only a selected portion of the activities of the Corporation. It is not intended to, and doesnot, present either the financial position, changes in net assets, or cash flows of the Corporation.c. Direct and Indirect CostsExpenditures for direct and indirect costs are recognized as incurred using the accrual method ofaccounting and in accordance with OMB A-122, Cost Principles for Non-Profit Organizations and theUniform Guidance. Under those cost principles, certain types of expenditures are not allowable orare limited as to reimbursement.The Corporation has not elected to use the 10-percent de minimis indirect cost rate allowed underthe Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. There were no federal awards expended in the form of noncash assistance by the Corporation duringthe year ended September 30, 2022.