Audit 358275

Title: Note 1 - Basis of Presentation Accounting Policies: 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: N Rate Explanation: The Uniform Guidance allows recipients to use a 10 percent de minimis indirect cost rate for federal awards with award dates through September 30, 2024. The de minimis indirect cost rate was increased to up to 15 percent for federal awards with award dates beginning October 1, 2024. Ethiopian Tewahedo Social Services has elected not to use the applicable percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Ethiopian Tewahedo Social Services 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 Ethiopian Tewahedo Social Services, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Ethiopian Tewahedo Social Services.

Title: Note 3 - Subrecipients Accounting Policies: 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: N Rate Explanation: The Uniform Guidance allows recipients to use a 10 percent de minimis indirect cost rate for federal awards with award dates through September 30, 2024. The de minimis indirect cost rate was increased to up to 15 percent for federal awards with award dates beginning October 1, 2024. Ethiopian Tewahedo Social Services has elected not to use the applicable percent de minimis indirect cost rate as allowed under the Uniform Guidance. Ethiopian Tewahedo Social Services provided no federal awards to subrecipients.