Audit 26896

Title: Non-Cash Assistance, Insurance, Loans and Loan Guarantees Outstanding Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Morgridge Institute for Research, Inc. (the Institute) under programs of the federal government for the year ended June 30, 2022. 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 Institute, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Institute. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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: The auditee did not use the de minimis cost rate. The Institute has elected to use their federally negotiated indirect cost rate for federal awards and therefore will not elect to use 10 percent de minimis indirect cost rate. The Institute did not receive any non-cash assistance during the year ended June 30, 2022. The Institute did not have any federal insurance in effect during the year ended June 30, 2022, nor were there any loans or loan guarantees at year end.