Audit 295604

Title: Note 1 – Summary of significant accounting policies Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the activities in all the Federal programs of Exponents, Inc. (the “Agency”) and is presented on the accrual basis of accounting. 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency. De Minimis Rate Used: N Rate Explanation: The Agency has an approved indirect cost rate and therefore has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance. Basis of presentation The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the activities in all the Federal programs of Exponents, Inc. (the “Agency”) and is presented on the accrual basis of accounting. 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency.