Audit 342671

Title: Basis of Presentation Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of Federal award programs administered by the School, which is described in Note 1 to the School’s accompanying financial statements, using the accrual basis of accounting. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the School’s financial statements. Federal awards that are included in the Schedule may be received directly from Federal agencies, as well as Federal awards that are passed through from other government agencies. De Minimis Rate Used: N Rate Explanation: The School did not elect to use the 10% de minimis cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the Federal financial reports used as the source for the data presented. The accompanying Schedule of Expenditures of Federal Awards presents the activity of Federal award programs administered by the School, which is described in Note 1 to the School’s accompanying financial statements, using the accrual basis of accounting. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the School’s financial statements. Federal awards that are included in the Schedule may be received directly from Federal agencies, as well as Federal awards that are passed through from other government agencies.

Title: Indirect Cost Rate Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of Federal award programs administered by the School, which is described in Note 1 to the School’s accompanying financial statements, using the accrual basis of accounting. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the School’s financial statements. Federal awards that are included in the Schedule may be received directly from Federal agencies, as well as Federal awards that are passed through from other government agencies. De Minimis Rate Used: N Rate Explanation: The School did not elect to use the 10% de minimis cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the Federal financial reports used as the source for the data presented. The School did not elect to use the 10% de minimis cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the Federal financial reports used as the source for the data presented.