Audit 617

Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the expenditures of Olmsted Gardens, Inc. (a Rhode Island non-profit corporation) under programs of the federal government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements. For purposes of the Schedule, federal awards include all sub awards to the Corporation by nonfederal organizations pursuant to federal grants, contracts and similar agreements. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the OMB Circular A-122, Cost Principles for Non-Profit Organizations and the Uniform Guidance, wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available. The Corporation elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.