Notes to SEFA
Accounting Policies: Basis of PresentationThe schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Restore Hope Ministries,Inc. under programs of the federal government for the year ended June 30, 2022. The information in this Schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of Restore Hope Ministries, Inc., it is not intended to and does not presentthe financial position, changes in net assets, or cash flows of Restore Hope Ministries, Inc.Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable orare limited as to reimbursement.Indirect Cost RateThe Organization has elected to not utilize the 10.0% de Minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.