Audit 321525

Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Charleston Metro Chamber of Commerce, Inc. and Subsidiary (the “Chamber”) 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 the Title 2 U.S. Code of Federal Regulations (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 the Chamber, it is not intended to and does not present the financial position, changes in net position or cash flows of the Chamber. Program Type Determination Type A programs are defined as federal programs with federal expenditures exceeding $750,000. The threshold of $750,000 was used in distinguishing between Type A and Type B programs. Method of Major Program Selection The risk-based approach was used in the selection of federal programs to be tested as major programs. The Chamber qualified as a high-risk auditee for the fiscal year ended December 31, 2023. De Minimis Rate Used: N Rate Explanation: The Chamber chose to use the ten percent de Minimis indirect cost rate for the year ended December 31, 2023.