Audit 336472

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 the 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 costs that are recognized as expenses in PPST’s financial statements in conformity with generally accepted accounting principles. PPST has elected to use the 10% de minimus cost rate for indirect costs, does not have indirect costs to its federal grants and does not have any subrecipients. Because the schedule presents only a selected portion of the operations of PPST, it is not intended to and does not present the financial position, changes in net assets, or cash flows of PPST. De Minimis Rate Used: Y Rate Explanation: The Auditee has elected to use the 10% de minimus cost rate for indirect costs. Basis of presentation – The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. The information in the 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 costs that are recognized as expenses in PPST’s financial statements in conformity with generally accepted accounting principles. PPST has elected to use the 10% de minimus cost rate for indirect costs, does not have indirect costs to its federal grants and does not have any subrecipients. Because the schedule presents only a selected portion of the operations of PPST, it is not intended to and does not present the financial position, changes in net assets, or cash flows of PPST.