Audit 362745

Title: 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: Y Rate Explanation: Community Foundation of the Gunnison Valley was required by state statute (HB22-1356) to use an indirect cost rate of 5%. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofCommunity Foundation of the Gunnison Valley 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 ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit requirements ofFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Community Foundation of the Gunnison Valley, it is not intended and does not present the financial position, changes in net assets, or cash flows of Community Foundation of the Gunnison Valley.

Title: 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: Y Rate Explanation: Community Foundation of the Gunnison Valley was required by state statute (HB22-1356) to use an indirect cost rate of 5%. Community Foundation of the Gunnison Valley did not pass through federal awards to subrecipients during the year ended December 31, 2024.