Audit 9389

Accounting Policies: (1) Federal Assistance Listing Number not available The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of the Foundation and is presented on the cash basis of accounting. The information in the Schedule is presented in accordance with the requirements of 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Subpart F. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, expenditures are recognized following the cost principles contained in 2 CFR 220 wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Foundation elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. For purposes of this Schedule, "Nondisclosed Sponsor" refers to award agreements with confidentiality restrictions as to disclosure in published reports. De Minimis Rate Used: N Rate Explanation: Auditee uses the rates negotiated with its cognizant agency, the Office of Naval Research (ONR).