Audit 330169

Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") has been prepared on the accrual basis and in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The purpose of the Schedule is to present a summary of those activities of the Institute for the year ended June 30, 2024, which have been financed by the U.S. Government. For purposes of the Schedule, federal awards include all federal assistance entered into directly between the Institute and the federal government as well as assistance passed through to the Institute. Because the Schedule presents only the federal award activity of the Institute, it is not intended to and does not present the financial position, the changes in net assets or the cash flows of the Institute for the year ended June 30, 2024. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported 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 limited as to reimbursement. Passthrough entity identifying numbers are presented where available and applicable. De Minimis Rate Used: N Rate Explanation: The Institute uses its negotiated indirect cost rate when charging indirect costs to federal awards rather than the 10% de minimis rate allowed by the Uniform Guidance.