Audit 311206

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of State Financial Assistance includes the federal grant activity of the Women's Business Development Council, Inc. under the programs of the Federal government for the year ended December 31, 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 Women's Business Development Council, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Women's Business Development Council, Inc. Basis of Accounting - 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. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: Y Rate Explanation: Women's Business Development Council, Inc. has elected to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance. Basis of Presentation - The accompanying Schedule of Expenditures of State Financial Assistance includes the federal grant activity of the Women's Business Development Council, Inc. under the programs of the Federal government for the year ended December 31, 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 Women's Business Development Council, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Women's Business Development Council, Inc.

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of State Financial Assistance includes the federal grant activity of the Women's Business Development Council, Inc. under the programs of the Federal government for the year ended December 31, 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 Women's Business Development Council, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Women's Business Development Council, Inc. Basis of Accounting - 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. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: Y Rate Explanation: Women's Business Development Council, Inc. has elected to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance. Basis of Accounting - 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. Pass-through entity identifying numbers are presented where available.