Audit 26737

Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Michigan Early Childhood Investment Corporation (the Investment Corporation). The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) 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 Investment Corporation and therefore it is not intended to and does not present the financial position or changes in net position of the Investment Corporation for year ended September 30, 2022. Expenditures reported on the schedule are reported on the accrual basis of accounting. In addition, expenditures reported on the schedule are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate.