Audit 314779

Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Griffiss Institute Inc. (GI), an entity as defined in Note 1 to GI’s consolidated financial statements, under 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 GI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of GI. 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. The amounts reported as federal expenditures were obtained from the financial records detail, which is the source of the consolidated financial statements. Use of Subrecipients There were no awards passed through to subrecipients as indicated on the Schedule. Cluster Programs The Air Force Defense Research Sciences Program and the Science, Technology, Engineering & Mathematics (STEM) Education, Outreach and Workforce Program are considered part of the research and development cluster as identified by the “OMB Compliance Supplement”. De Minimis Indirect Cost Rate GI has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: De Minimis Indirect Cost Rate GI has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.