Audit 378705

Note A – Basis of Presentation The accompanying schedule of expenditures of federal awards includes the federal award activity of the Offender Alumni Association under programs of the federal government for the year ended April 30, 2025. 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Offender Alumni Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Offender Alumni Association.

Note B – Summary of Significant Accounting Policies (1) 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. (2) Offender Alumni Association elected to use the 10 percent de minimis indirect cost rate through September 30, 2024 and transitioned to a 15 percent de minimis indirect cost rate as of October 1, 2024 as allowed under the Uniform Guidance.