Audit 365146

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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Mississippi Action for Progress, Inc. has elected not to use the 10-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 Mississippi Action for Progress, Inc. under programs of the federal government for the year ended November 30, 2024. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Credit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Because the Schedule presents only a selected portion of the operation of Mississippi Action for Progress, Inc., it is not intended to and does not present the financial position, activities, or cash flows of Mississippi Action for Progress, Inc.