Audit 366082

Title: Basis of presentation Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the activities in all the Federal programs of Alliance for Innovative Regulation Institute (the “Institute”) and is presented on the accrual basis of accounting. 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Institute. De Minimis Rate Used: Y Rate Explanation: The Institute has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the activities in all the Federal programs of Alliance for Innovative Regulation Institute (the “Institute”) and is presented on the accrual basis of accounting. 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Institute.

Title: Indirect cost rate Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the activities in all the Federal programs of Alliance for Innovative Regulation Institute (the “Institute”) and is presented on the accrual basis of accounting. 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Institute. De Minimis Rate Used: Y Rate Explanation: The Institute has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Institute has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.