Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of the Omaha Community Playhouse and Omaha Community Playhouse Foundation (collectively referred to as the Organization) under programs of the federal government for year ended June 30, 2022. The information on 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 assets or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis cost rate as allowed under the UniformGuidance.
Expenditures reported in the Schedule are reported on the accrual basis of accounting, which conform to accounting principles generally accepted in the United States of America. 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.
Title: Contingencies
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of the Omaha Community Playhouse and Omaha Community Playhouse Foundation (collectively referred to as the Organization) under programs of the federal government for year ended June 30, 2022. The information on 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 assets or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis cost rate as allowed under the UniformGuidance.
The Organization receives funds under a federal grant program and such assistance is to be expended in accordance with the provisions of this grant. Compliance with the grant is subject to audit by various government agencies, which may impose sanctions in the event of non-compliance. Management believes that they have complied with all aspects of the various grant provisions and the results of adjustments, if any, relating to such audits would not have any material financial impact.