Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Such expenditures are recognized following the
cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to
reimbursement. The Museum has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal award activity of the Museum under
programs of the Federal Government for the year ended June 30, 2023. Information in the Schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). The Schedule presents only a selected portion of the operations of the Museum;
accordingly, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Museum.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Such expenditures are recognized following the
cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to
reimbursement. The Museum has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the
cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to
reimbursement. The Museum has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 3. Reconciliation of Schedule of Expenditures of Federal Awards to Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Such expenditures are recognized following the
cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to
reimbursement. The Museum has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures per the Schedule of Expenditures of Federal Awards $ 1,138,553
Plus: State and non-Federal grants 97,853
Less: National Endowment for the Humanities included in investments (635,000)
FEDERAL AND STATE GOVERNMENT GRANTS REVENUE PER THE STATEMENT OF ACTIVITIES
AND CHANGE IN NET ASSETS $ 601,406