Audit 340614

Title: Background Accounting Policies: Federal expenditures are recognized as incurred. Expenses are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Part 200 of Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement. Expenses include a portion of costs associated with general activities (indirect costs) that have been allocated to federal awards based on the lower of amounts provided for in award agreements or the departmental provisional rates in effect for the period. De Minimis Rate Used: N Rate Explanation: Carnegie did not elect to use the 10% de minimus indirect cost rate outlined within the OMB Title 2 U.S. Code of Federal Regulations Part 200.414(f). The accompanying schedule of expenditures of Federal awards is prepared in accordance with the provisions of Office of Management and Budget (OMB) 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 the expenditures made under Federal awards of the Carnegie Institution of Washington (d/b/a Carnegie Institution for Science) (Carnegie) for the year ended June 30, 2024. For purposes of this schedule, federal awards include all expenditures from awards received directly from the federal government and awards received indirectly through nonfederal organizations made under federally sponsored agreements.

Title: Basis of Presentation Accounting Policies: Federal expenditures are recognized as incurred. Expenses are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Part 200 of Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement. Expenses include a portion of costs associated with general activities (indirect costs) that have been allocated to federal awards based on the lower of amounts provided for in award agreements or the departmental provisional rates in effect for the period. De Minimis Rate Used: N Rate Explanation: Carnegie did not elect to use the 10% de minimus indirect cost rate outlined within the OMB Title 2 U.S. Code of Federal Regulations Part 200.414(f). Federal expenditures are recognized as incurred. Expenses are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Part 200 of Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement. Expenses include a portion of costs associated with general activities (indirect costs) that have been allocated to federal awards based on the lower of amounts provided for in award agreements or the departmental provisional rates in effect for the period. Carnegie did not elect to use the 10% de minimus indirect cost rate outlined within the OMB Title 2 U.S. Code of Federal Regulations Part 200.414(f).