Title: Note 1-Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the activity of
Farm Fresh Rhode Island, Inc. (“Farm Fresh”) under programs of the federal government for the year
ended December 31, 2024. 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 the Federal Awards (the Uniform Guidance).
The Schedule presents only a selected portion of the activity and operations of Farm Fresh. This schedule
is not intended to, and does not, present the financial position, changes in net assets, or cash flows of
Farm Fresh.
De Minimis Rate Used: Y
Rate Explanation: Farm Fresh Rhode Island, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed
under Section 200.414 of the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the activity of
Farm Fresh Rhode Island, Inc. (“Farm Fresh”) under programs of the federal government for the year
ended December 31, 2024. 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 the Federal Awards (the Uniform Guidance).
The Schedule presents only a selected portion of the activity and operations of Farm Fresh. This schedule
is not intended to, and does not, present the financial position, changes in net assets, or cash flows of
Farm Fresh.
Title: Note 2-Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the activity of
Farm Fresh Rhode Island, Inc. (“Farm Fresh”) under programs of the federal government for the year
ended December 31, 2024. 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 the Federal Awards (the Uniform Guidance).
The Schedule presents only a selected portion of the activity and operations of Farm Fresh. This schedule
is not intended to, and does not, present the financial position, changes in net assets, or cash flows of
Farm Fresh.
De Minimis Rate Used: Y
Rate Explanation: Farm Fresh Rhode Island, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed
under Section 200.414 of the Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowed or limited as to reimbursement.
Title: Note 3-Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the activity of
Farm Fresh Rhode Island, Inc. (“Farm Fresh”) under programs of the federal government for the year
ended December 31, 2024. 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 the Federal Awards (the Uniform Guidance).
The Schedule presents only a selected portion of the activity and operations of Farm Fresh. This schedule
is not intended to, and does not, present the financial position, changes in net assets, or cash flows of
Farm Fresh.
De Minimis Rate Used: Y
Rate Explanation: Farm Fresh Rhode Island, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed
under Section 200.414 of the Uniform Guidance.
Farm Fresh Rhode Island, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed
under Section 200.414 of the Uniform Guidance.