Notes to SEFA
Accounting Policies: 1. Basis of presentationThe accompanying Schedule of Expenditures of Federal Awards (the ?Schedule?) includes theexpenditures of Olmsted Gardens, Inc. (a Rhode Island non-profit corporation) under programs of thefederal government for the year ended June 30, 2022. The information in the Schedule is presented inaccordance with the requirements of Uniform Administrative Requirements, Cost Principles and AuditRequirements for Federal Awards (?Uniform Guidance?). Therefore, some amounts presented in theSchedule may differ from amounts presented in, or used in, the preparation of the basic financialstatements.For purposes of the Schedule, federal awards include all sub awards to the Corporation by nonfederalorganizations pursuant to federal grants, contracts and similar agreements.2. Summary of significant accounting policiesBasis of accountingExpenditures reported in the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in OMB Circular A-122 CostPrinciples for Non-Profit Organizations and the Uniform Guidance, wherein certain types ofexpenditures are not allowed. Catalogue of Federal Domestic Assistance numbers (?CFDA No.?) areprovided when available.Federal indirect cost rateThe Corporation elected not to use the 10% de minimis indirect cost rate as allowed under the UniformGuidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.