Audit 332680

Title: Note 3—Subrecipients Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (“Schedule”) includes the grant activity of River Valley Resources, Inc. (“RVR”) under programs of the federal government for the year ended June 30, 2024 and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations (“CFR”), 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 RVR, it is not intended to and does not present the financial position, changes in net assets, or cash flows of RVR. De Minimis Rate Used: N Rate Explanation: Pursuant to a cost allocation plan, the indirect expenses are allocated based on hours charged to each program. RVR has not elected to use the 10- ercent de minimis indirect cost rate allowed under the Uniform Guidance. There were no awards passed through to subrecipients the fiscal year ended June 30, 2024.