Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported in the SEFA are reported on the modified accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the default 10% de minimis indirect cost rate allowed under
the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Reinvestment Partners under the programs of the federal government and the State of North Carolina for the year ended December 31, 2023. This information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of Reinvestment Partners, it is not intended to and doe not present the financial position, changes
in net assets or cash flows of Reinvestment Partners.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the SEFA are reported on the modified accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the default 10% de minimis indirect cost rate allowed under
the Uniform Guidance.
Expenditures reported in the SEFA are reported on the modified accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 - Indirect Costs
Accounting Policies: Expenditures reported in the SEFA are reported on the modified accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the default 10% de minimis indirect cost rate allowed under
the Uniform Guidance.
The Organization has elected to use the default 10% de minimis indirect cost rate allowed under
the Uniform Guidance.
Title: Note 4 - Clusters of programs
Accounting Policies: Expenditures reported in the SEFA are reported on the modified accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the default 10% de minimis indirect cost rate allowed under
the Uniform Guidance.
The following are clustered by the United States Department of Agriculture and are
treated separately for state audit requirement purposes; Produce Prescription
Program; The Gus
Schumacher Nutrition Incentive Program.