Audit 622

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, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(the Single Audit). The Single Audit was performed in accordance with the provisions of theOMB Compliance Supplement (the Compliance Supplement). Compliance testing of allrequirements, as described in the Compliance Supplement, was performed for the majorgrant program noted below. The program on the Schedule of Expenditures of FederalAwards (the Schedule) represent all Federal award programs and other grants with fiscalyear 2023 cash or non-cash expenditure activities. For our single audit testing, we testedthe Federal award program below with fiscal year 2023 cash and non-cash expenditures toensure coverage of at least 20% of Federally granted funds. Our actual coverage was 100%. Expenditures are recognized following the cost principles contained in Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (the Uniform Guidance), wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. The Organization haselected not to use the 10-percent de minimis indirect cost rate as allowed under the UniformGuidance. The accompanying Schedule includes the Federal award activity of the Organization underprograms of the Federal government for the year ended June 30, 2023, and is reported on theaccrual basis of accounting. The information in the Schedule is presented in accordance withUniform Guidance. Because the Schedule presents only a selected portion of the operationsof the Organization, it is not intended to and does not present the financial position, changesin net assets, or cash flows of the Organization. De Minimis Rate Used: N Rate Explanation: The Organization haselected not to use the 10-percent de minimis indirect cost rate as allowed under the UniformGuidance.