Notes to SEFA
Accounting Policies: Basis of presentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federalaward activity of The University of Rhode Island Research Foundation (the Foundation) underprograms of the federal government for the year ended June 30, 2022. The information in thisSchedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of the Foundation, it is not intended to and does not present thefinancial position, changes in net assets or cash flows for the Foundation. Summary of significant accounting policies- Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.- Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.