Audit 46116

Accounting Policies: All Federal grant operations of UMBC Research Park Corporation, Inc. (the Organization) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the major grant program noted below. The program on the Schedule of Expenditures of Federal Awards (the Schedule) represent all Federal award programs and other grants with fiscal year 2022 cash or non-cash expenditure activities. For our single audit testing, we tested the Federal award program below with fiscal year 2022 cash and non-cash expenditures to ensure coverage of at least 40% of Federally granted funds. Our actual coverage was 100%.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 Audit Requirements for Federal Awards (the Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.