Audit 293582

Title: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, 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 Corporation has elected to use the 10-percent de minimis indirect cost rate unless restricted by specific agreements. De Minimis Rate Used: Y Rate Explanation: The Corporation has elected to use the 10-percent de minimis indirect cost rate unless restricted by specific agreements. Basis of Presentation: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Partners for Rural Impact, Inc. (the “Corporation”) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, statements of activities, functional expenses, or cash flows of the Corporation. Basis of Accounting: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, 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 Corporation has elected to use the 10-percent de minimis indirect cost rate unless restricted by specific agreements. Loans and Loan Guarantees: There were no federal loans outstanding for the year ended June 30, 2023. Insurance: The Corporation has no federal insurance for the year ended June 30, 2023.