Audit 366164

Title: GENERAL Accounting Policies: This Schedule has been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and 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). 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: N Rate Explanation: The Consortium has elected not to use the 10% de minimis 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 National Wind Technology Consortium, Inc. (d/b/a National Offshore Wind Research and Development Consortium) (the Consortium). Because the Schedule presents only a selected portion of the operations of the Consortium, it is not intended, and does not, present the financial position, changes in net assets and activities of the Consortium. For the purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the Consortium and agencies and departments of the federal government as well as federal awards passed through other agencies. The Consortium receives funding primarily through a cooperative agreement with the U.S. Department of Energy related to renewable energy research and development.

Title: BASIS OF ACCOUNTING Accounting Policies: This Schedule has been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and 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). 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: N Rate Explanation: The Consortium has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. This Schedule has been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and 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). 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.

Title: DE MINIMIS COST RATE Accounting Policies: This Schedule has been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and 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). 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: N Rate Explanation: The Consortium has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Consortium has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.