Audit 357091

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of New York State United Teachers Education and Learning Trust (Trust) and is prepared 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 (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. De Minimis Rate Used: Y Rate Explanation: The auditee elected to use the 10% de minimis cost rate. The accompanying schedule of expenditures of federal awards includes the federal grant activity of New York State United Teachers Education and Learning Trust (Trust) and is prepared 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 (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.

Title: INDIRECT COST RATES Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of New York State United Teachers Education and Learning Trust (Trust) and is prepared 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 (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. De Minimis Rate Used: Y Rate Explanation: The auditee elected to use the 10% de minimis cost rate. New York State United Teachers Education and Learning Trust does not have a negotiated indirect cost rate for the year ended August 31, 2024. Administrative costs are included in the Trust’s grant agreement budgets, and therefore, negotiated rates are not needed. The Trust has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.