Audit 353690

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 ARPA and from the National History Day and United We Stand SUpplements in 2024 is exempt from the $1 for $1 matching requirement. For the year ended October 31, 2024, the Council expended the following match: Matching contribution from re-grant award recipients - $687,684 Board volunteer hours - $47,687 Contributions - $272,511 Total match - $1,007,882 Federal appropriation - $971,993 Less ARP and National History Day Supplements - ($52,882) Total to be matched - $919,111 For the year ended October 31, 2024, the Council was in compliance with the matching requirement.