Notes to SEFA
Title: Note 1 - 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. The Organizations summary of significant accounting policies is presented in Note 2 to the Financial Statements.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the Organization has not elected to use the 10% de minimis cost rate as permitted by ?200.414 of the Uniform Guidance.
The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of The RIDGE Project, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2022. The information in this 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 Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Organization.
Title: Note 3 - Reconciliation to Basic Financial Statements
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. The Organizations summary of significant accounting policies is presented in Note 2 to the Financial Statements.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the Organization has not elected to use the 10% de minimis cost rate as permitted by ?200.414 of the Uniform Guidance.
Federal expenditures of $3,945,333 from the June 30, 2022 Schedule of Expenditures of Federal Awards reconcile to government grant revenues of $3,945,333 on the consolidated financial statements of the Organization of the same year.