Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The schedule of expenditures of federal awards ("Schedule") includes the federal grant activity of Rhode Island Council for the Humanities ("Council") and is presented on the accrual basis of accounting. The information in the 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 Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Council.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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. The Council has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Matching Requirement
Accounting Policies: The schedule of expenditures of federal awards ("Schedule") includes the federal grant activity of Rhode Island Council for the Humanities ("Council") and is presented on the accrual basis of accounting. The information in the 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 Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Council.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
In accordance with the grant provisions of federal program Federal Assisatnce Listing No.45.129 Promotion of the Humanities - Federal/State Partnership, the Council is required to raise a $1 for $1 match for this funding. Supplemental grant funding received under the ARP in 2023 is exempt from the $1 for $1 matching requirement. For the year ended October 31, 2023, the Council expended the following match:
Matching contribution from re-grant award recipients - $402,038
Board volunteer hours - $57,500
Contributions - $188,540
Total match - $648,540
Federal appropriation - $949,499
Less ARP and National History Day Supplements - ($23,243)
Total to be matched - $926,256
The Council met $648,078 of the $926,256 total cost share required for the year ended October 31, 2023, with the remaining share of $278,178 to be provided. The Council has until the fifth and final year of the grant cycle, ending October 31, 2026 to show full compliance with the $1 for $1 matching requirement.