Audit 364330

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: Auditee has chosen to use the de minimus cost rate for indirect costs The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Inclusiv and Subsidiaries (Inclusiv), 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 (the Uniform Guidance). Since the Schedule presents only a selected portion of the operations of Inclusiv, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Inclusiv. All financial assistance received directly from the federal agencies, as well as financial assistance passed through other governmental agencies or nonprofit organizations, is included on the Schedule.

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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: Auditee has chosen to use the de minimus cost rate for indirect costs 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. Pass-through entity identifying numbers are presented where available

Title: INDIRECT COST RATES 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: Auditee has chosen to use the de minimus cost rate for indirect costs Inclusiv has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.