Audit 346987

Title: NOTE 3) BASIS OF PRESENTATION Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Building Bright Futures State Advisory Council, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying Schedule includes the federal grant activity of Building Bright Futures State Advisory Council, Inc. under programs of the federal government for the year ended June 30, 2024. The information in the Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of Building Bright Futures State Advisory Council, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Building Bright Futures State Advisory Council, Inc.