Audit 351008

Accounting Policies: BASIS OF ACCOUNTING The accompanying schedule of federal awards (the Schedule) includes the federal award activity of Casa Farnese, Inc., Project No. 034-11153/PA26-L000-013, under programs of the federal government for the year ended December 31, 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 Casa Farnese, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Casa Farnese, Inc. The Project has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Project has not passed through any federal funding to any subrecipients. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Project has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.