Audit 358941

Title: Basis of Presentation 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. De Minimis Rate Used: N Rate Explanation: Rappahannock Goodwill Industries, Inc., has elected to not use the 10% de minimis indirect cost rate. The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Rappahannock Goodwill Industries, Inc. under the programs of the federal government for the year ended December 31, 2024. The 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 Rappahannock Goodwill Industries, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Rappahannock Goodwill Industries, Inc.