Audit 304355

Title: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Central Indiana Corporate Partnership, Inc., including its affiliated foundation (CICP). The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements. Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, or when not applicable the specific federal award agreement, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: No de minimis cost rate used The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Central Indiana Corporate Partnership, Inc., including its affiliated foundation (CICP). The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements. Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, or when not applicable the specific federal award agreement, wherein certain types of expenditures are not allowable or are limited as to reimbursement.

Title: NOTE 2 - INDIRECT COST RATE Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Central Indiana Corporate Partnership, Inc., including its affiliated foundation (CICP). The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements. Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, or when not applicable the specific federal award agreement, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: No de minimis cost rate used CICP has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.