Audit 324168

Title: Significant Accounting Policies Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award of Faculty Associates, Inc. (Corporation) and is presented in accordance with the requirements of 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The schedule is prepared using the modified accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: No indirect cost rate ws utilized by the Corporation The accompanying schedule of expenditures of federal awards presents the activity of federal award of Faculty Associates, Inc. (Corporation) and is presented in accordance with the requirements of 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The schedule is prepared using the modified accrual basis of accounting.

Title: Indirect Cost Rate Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award of Faculty Associates, Inc. (Corporation) and is presented in accordance with the requirements of 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The schedule is prepared using the modified accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: No indirect cost rate ws utilized by the Corporation The District has not elected to use the 10% de minimis cost rate as covered in the §200.414, Indirect (F&A) costs, of the Uniform Guidance.