Audit 346780

Title: NOTE A - BASIS OF PRESENTATION Accounting Policies: NONE De Minimis Rate Used: N Rate Explanation: Foundation for Marine Ecology and Telemetry Research has a negotiated indirect cost rate for use on Federal grants and contracts. For 2024, the predetermined rate was 20.3% based on total modified direct costs. As such, Foundation for Marine Ecology and Telemetry Research is not eligible to elect use of the 10% de minimis indirect cost rate. The accompanying schedule of expenditures of federal awards includes the federal grant activity of Foundation for Marine Ecology and Telemetry Research and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.