Audit 344292

Title: BASIS OF PRESENTATION Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. For new awards or modifications of existing awards after December 26, 2014, the expenditures reported in the SEFA follow the cost principles contained in the Uniform Guidance. The cost principles indicate the certain types of expenditures are not allowable and certain allowable costs are limited as to reimbursement. Foundation for an Independent Tomorrow has not elected to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Foundation for an Independent Tomorrow has not elected to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance. The accompanying Schedules of Expenditures of Federal Awards (“SEFA”) includes the federal grant award activity of Foundation for an Independent Tomorrow, under programs of the federal government for the year ended June 30, 2024 in accordance with the requirements of Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. For new awards or modifications of existing awards after December 26, 2014, the expenditures reported in the SEFA follow the cost principles contained in the Uniform Guidance. The cost principles indicate the certain types of expenditures are not allowable and certain allowable costs are limited as to reimbursement. Foundation for an Independent Tomorrow has not elected to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Foundation for an Independent Tomorrow has not elected to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance. Expenditures reported on the schedule are reported on the accrual basis of accounting. For new awards or modifications of existing awards after December 26, 2014, the expenditures reported in the SEFA follow the cost principles contained in the Uniform Guidance. The cost principles indicate the certain types of expenditures are not allowable and certain allowable costs are limited as to reimbursement. Foundation for an Independent Tomorrow has not elected to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance.

Title: PASS-THROUGH AWARDS Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. For new awards or modifications of existing awards after December 26, 2014, the expenditures reported in the SEFA follow the cost principles contained in the Uniform Guidance. The cost principles indicate the certain types of expenditures are not allowable and certain allowable costs are limited as to reimbursement. Foundation for an Independent Tomorrow has not elected to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Foundation for an Independent Tomorrow has not elected to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance. Foundation for an Independent Tomorrow received certain federal financial assistance from pass-through awards of the passthrough entities listed on the SEFA.

Title: NON-CASH ASSISTANCE Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. For new awards or modifications of existing awards after December 26, 2014, the expenditures reported in the SEFA follow the cost principles contained in the Uniform Guidance. The cost principles indicate the certain types of expenditures are not allowable and certain allowable costs are limited as to reimbursement. Foundation for an Independent Tomorrow has not elected to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Foundation for an Independent Tomorrow has not elected to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance. Foundation for an Independent Tomorrow did not receive any federal non-cash assistance.