Audit 322237

Title: NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Basis of presentation – The schedule of expenditures of federal awards is prepared 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). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include both costs that are capitalized and costs that are recognized as expenses in the Institute’s financial statements in conformity with generally accepted accounting principles. The Institute does not utilize the 10% de minimus indirect rate, but uses a rate equal to or less than the indirect rate approved by the U. S. Department of Health and Human Services. Because the schedule presents only a selected portion of the operations of THI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of THI. De Minimis Rate Used: N Rate Explanation: The Institute does not utilize the 10% de minimus indirect rate, but uses a rate equal to or less than the indirect rate approved by the U. S. Department of Health and Human Services. Basis of presentation – The schedule of expenditures of federal awards is prepared 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). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include both costs that are capitalized and costs that are recognized as expenses in the Institute’s financial statements in conformity with generally accepted accounting principles. The Institute does not utilize the 10% de minimus indirect rate, but uses a rate equal to or less than the indirect rate approved by the U. S. Department of Health and Human Services. Because the schedule presents only a selected portion of the operations of THI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of THI.