Audit 55335

Accounting Policies: 1. BASIS OF PRESENTATIONThe accompanying schedule of expenditures of Federal awards (the Schedule) includes the Federalgrant activity of the Cal Ripken, Sr. Foundation, Inc. (the Foundation) and is presented on the accrualbasis of accounting. The information in this Schedule is presented in accordance with the requirementsof Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a select portion of the operations of the Foundation, it is not intended to and does notpresent the financial position, changes in net assets or cash flows of the Foundation. Therefore, someamounts presented in the Schedule may differ from amounts presented in, or used in the preparation of,the basic financial statements.For purposes of the schedule of expenditures of Federal awards, Federal awards include all grants,contracts, and similar agreements entered into directly between the Foundation and agencies anddepartments of the Federal government and all subawards made to the Foundation by non-Federalorganizations pursuant to Federal grants, contracts and similar agreements. The awards are classifiedinto program categories in accordance with the provisions of the Uniform Guidance. The dollarthreshold used to distinguish between Type A and Type B programs, as defined in the UniformGuidance, was $750,000.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.Pass-through entity identifying numbers are presented where available.3. INDIRECT COST RATEThe Foundation has not elected to use the 10% de minimis indirect cost rate allowed under the UniformGuidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.