Audit 317671

Title: Note 1 – Basis of Presentation Accounting Policies: The accompanying schedule of expenditures of federal awards (schedule) includes the federal grant activity of Albuquerque Community Foundation and Subsidiaries (the Foundation) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the consolidated financial statements. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying schedule of expenditures of federal awards (schedule) includes the federal grant activity of Albuquerque Community Foundation and Subsidiaries (the Foundation) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the consolidated financial statements.

Title: Note 2 – Indirect Cost Rate Accounting Policies: The accompanying schedule of expenditures of federal awards (schedule) includes the federal grant activity of Albuquerque Community Foundation and Subsidiaries (the Foundation) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the consolidated financial statements. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The Foundation did not use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.