Audit 317189

Title: Basis of Presentation Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant and cost activity of Norwich University Applied Research Institutes Ltd. (NUARI) and is presented 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: N Rate Explanation: The auditee did not use the deminimis cost rate. The accompanying schedule of expenditures of federal awards includes the federal award activity of NUARI under programs of the federal government for the year ended May 31, 2024. 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 NUARI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of NUARI.

Title: Summary of Significant Accountin Policies Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant and cost activity of Norwich University Applied Research Institutes Ltd. (NUARI) and is presented 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: N Rate Explanation: The auditee did not use the deminimis cost rate. The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant and cost contract activity of NUARI and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. NUARI has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.