Audit 363383

Title: 1. General Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of Parenteral Drug Association, Inc. (the Association) using the accrual basis of accounting. Federal awards received directly from federal agencies, or from pass-through entities, are included on the Schedule. De Minimis Rate Used: N Rate Explanation: The Association has not elected to use the de minimus indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of Parenteral Drug Association, Inc. (the Association) using the accrual basis of accounting. Federal awards received directly from federal agencies, or from pass-through entities, are included on the Schedule.

Title: 2. Relationship to Basic Financial Statements Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of Parenteral Drug Association, Inc. (the Association) using the accrual basis of accounting. Federal awards received directly from federal agencies, or from pass-through entities, are included on the Schedule. De Minimis Rate Used: N Rate Explanation: The Association has not elected to use the de minimus indirect cost rate as allowed under the Uniform Guidance. The information in the 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 the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the Association, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Association.

Title: 3. Indirect Cost Rate Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of Parenteral Drug Association, Inc. (the Association) using the accrual basis of accounting. Federal awards received directly from federal agencies, or from pass-through entities, are included on the Schedule. De Minimis Rate Used: N Rate Explanation: The Association has not elected to use the de minimus indirect cost rate as allowed under the Uniform Guidance. The Association has not elected to use the de minimus indirect cost rate as allowed under the Uniform Guidance.