Audit 34358

Title: 4. SUBRECIPIENTS Accounting Policies: 1. BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Pet Food Institute, including its affiliate, Pet Food Institute Political Action Committee (collectively, the Institute), under programs of the federal government for the year ended December 31, 2022. The information in this 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). Because the Schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Institute.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 reimbursements. De Minimis Rate Used: N Rate Explanation: The Institute has not elected to use the 10 percent de minimis indirect cost rate as allowed underthe Uniform Guidance. There were no awards passed through to subrecipients.