Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe 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, 2022. 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.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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. NOTE 3 INDIRECT COST RATEFarm 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 de minimis indirect cost rate was taken as match as approved for the Food Insecurity Nutrition Incentives Grant (FINI). NOTE 5 DETERMINATION OF MAJOR PROGRAMSThe determination of major federal awards programs was based upon the overall level of expenditures for all federal programs of Farm Fresh Rhode Island, Inc. As such, the threshold for determining major Type A programs are defined as those with program expenditures greater than $750,000 when the total expenditures are between $750,000 but less than or equal to $25 million.
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 de minimis indirect cost rate was taken as match as approved for the Food Insecurity Nutrition Incentives Grant (FINI).