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In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Drug Policy Alliance as of May 31, 2023, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles general accepted in the United States of America. [...] Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements tha. [...] Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent asset. [...] The most significant estimates affecting the financial statements are the valuation of investments, the estimation of allowance for uncollectible receivables, functional allocation of expenses and the estimation of depreciation expense. [...] As a result of the adoption of the new lease accounting guidance, on June 1, 2022, DPA recognized a lease liability of $1,110,052 that represents the present value of the remaining operating lease payments discounted based on the federal treasury yields at the time of the lease inception.