Audit 301282

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the 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: Y Rate Explanation: The Organization does not have a federally approved negotiated indirect cost-rate agreement and, therefore, is subject to the 10-percent de minimis indirect cost rate under the Uniform Guidance The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Looking Upwards, Inc. and Affiliates (the Organization) under programs of the federal government for the year ended June 30, 2023. 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 Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.

Title: Summary of Significant Accounting Policies Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the 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: Y Rate Explanation: The Organization does not have a federally approved negotiated indirect cost-rate agreement and, therefore, is subject to the 10-percent de minimis indirect cost rate under the Uniform Guidance Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.

Title: Indirect Cost Rate Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the 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: Y Rate Explanation: The Organization does not have a federally approved negotiated indirect cost-rate agreement and, therefore, is subject to the 10-percent de minimis indirect cost rate under the Uniform Guidance The Organization does not have a federally approved negotiated indirect cost-rate agreement and, therefore, is subject to the 10-percent de minimis indirect cost rate under the Uniform Guidance.