Audit 33605

Accounting Policies: 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal award activity of the Council of American Overseas Research Centers under programs of the federal government for the year ended September 30, 2022. The information in this schedule is presented 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). Because the schedule presents only a selected portion of the operations of the Council of American Overseas Research Centers, it is not intended to and does not present the financial position, changes in net assets, or cash flows.2.Summary of Significant Accounting PoliciesExpenditures 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 are limited as to reimbursement.3.Indirect Cost RateThe Council has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.4.Comingled FundsThe $45,788 subgrant received from the Institute of International Education includes both federal and non-federal funds. The Council has not been successful in identifying the 1) sources of federal funds, 2) proportion of the award that is from federal sources, and 3) prime CFDA number, FAIN, and grant program. As a result, the entirety of the grant has been treated as a federal award. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.