Audit 349681

Title: Note 1: Basis of Presentation Accounting Policies: Summary of Significant Accounting Policies Applicable to the Schedule of Federal Awards - Scope of Presentation - The accompanying schedule presents the expenses incurred by The Illumination Foundation that are reimbursable under federal programs of federal financial assistance. Basis of Accounting - Expenditures 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 reimbursement. De Minimis Rate Used: Y Rate Explanation: The Illumination Foundation has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of The Illumination Foundation under programs of federal government for the year ended June 30, 2024. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of The Illumination Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Illumination Foundation.

Title: Note 2: Summary of Significant Accounting Policies Applicable to the Schedule of Federal Awards Accounting Policies: Summary of Significant Accounting Policies Applicable to the Schedule of Federal Awards - Scope of Presentation - The accompanying schedule presents the expenses incurred by The Illumination Foundation that are reimbursable under federal programs of federal financial assistance. Basis of Accounting - Expenditures 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 reimbursement. De Minimis Rate Used: Y Rate Explanation: The Illumination Foundation has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Scope of Presentation The accompanying schedule presents the expenses incurred by The Illumination Foundation that are reimbursable under federal programs of federal financial assistance. Basis of Accounting Expenditures 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 reimbursement. Indirect Cost Rate The Illumination Foundation has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.