Notes to SEFA
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: The Organization has elected to not utilize the 10.0% de Minimis indirect cost rate.
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Restore Hope Ministries,
Inc. under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is
presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), 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 Restore Hope Ministries, Inc., it is not intended to and does not present
the financial position, changes in net assets, or cash flows of Restore Hope Ministries, Inc.
Title: Summary of Significant Accounting Policies
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: The Organization has elected to not utilize the 10.0% de Minimis indirect cost rate.
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.
Title: Indirect Cost Rate
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: The Organization has elected to not utilize the 10.0% de Minimis indirect cost rate.
The Organization has elected to not utilize the 10.0% de Minimis indirect cost rate.