Audit 299470

Title: Basis of Presentation Accounting Policies: Expenditures for federal programs are recognized as incurred using the accrual basis of accounting and the cost of accounting principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. IMEC elected to not use the de minimis rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Our audit did not disclose any matters required to be reported in accordance with 2 CFR 200.516(a). THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) INCLUDES THE FEDERAL AWARD ACTIVITY OF THE ILLINOIS MANUFACTURING EXCELLENCE CENTER (IMEC) UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF 2 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 IMEC, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, OR THE CHANGES IN NET ASSETS AND CASH FLOWS OF IMEC.