Audit 48218

Title: BASIS OF PRESENTATION Accounting Policies: Expenditures on the accompanying Schedule are reported on an accrual basis of accounting. Expenditures are recognized when incurred. Expenditures for federal awards are recognized following the cost principles contained in the Uniform Guidance. Under these cost principles certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Silicon Valley Clean Energy (SVCE) under programs of the federal government for the year ended September 30, 2022. The information in the 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, SVCE's financial statements. Because the Schedule presents only a selected portion of the operations of SVCE, it is not intended to and does not present the financial position, changes in the net position or cash flows of SVCE.All federal awards received directly from federal agencies, as well as federal awards passed through nonfederal agencies and organizations are included in the Schedule. Pass-through entity identifying numbers are presented when available. The reporting entity for SVCE is based upon criteria established by the Governmental Accounting Standards Board.

Title: SUB-RECIPIENTS Accounting Policies: Expenditures on the accompanying Schedule are reported on an accrual basis of accounting. Expenditures are recognized when incurred. Expenditures for federal awards are recognized following the cost principles contained in the Uniform Guidance. Under these cost principles certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Of the federal expenditures presented in the Schedule, SVCE did not provide federal awards to sub-recipients for the year ended September 30, 2022.