Audit 21054

Title: Notes to Schedule of Expenditures of Federal Awards Accounting Policies: 1) Basis of PresentationThe schedule of expenditures of Federal awards (the Schedule) includes the federal award activity ofRetreat Farm, Ltd., (the Organization) under programs of the federal government for the year endedDecember 31, 2022. 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 selected portion of the operations of the Organization, it is not intended to and does notpresent the financial position, changes in net assets, or cash flows for the Organization.2) Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherecertain types of expenditures are not allowable or are limited as to reimbursement. Negative amountsshown on the Schedule represent adjustments or credits made in the normal course of business toamounts reported as expenditures in prior years.The Organization has elected not to use the ten percent (10%) de minimis indirect cost rate as allowed underthe Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. 1) Basis of PresentationThe schedule of expenditures of Federal awards (the Schedule) includes the federal award activity ofRetreat Farm, Ltd., (the Organization) under programs of the federal government for the year endedDecember 31, 2022. 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 selected portion of the operations of the Organization, it is not intended to and does notpresent the financial position, changes in net assets, or cash flows for the Organization.2) Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherecertain types of expenditures are not allowable or are limited as to reimbursement. Negative amountsshown on the Schedule represent adjustments or credits made in the normal course of business toamounts reported as expenditures in prior years.The Organization has elected to not use the ten percent (10%) de minimis indirect cost rate as allowed underthe Uniform Guidance.