Audit 16649

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Statement are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures or revenues are not allowable or are limited as to reimbursement or reporting. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying statement of expenditures of federal awards (the "Statement") includes the federal award activity of Carolina Theatre of Greensboro, Inc. under the programs of the federal government for the period March 1, 2020 through June 30, 2022. The information in this Statement is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Statement presents only a selected portion of the operations of Carolina Theatre of Greensboro, Inc., it is not intended to and does not present the statement of financial position, activities and changes in net assets, functional expenses or cash flows of Carolina Theatre of Greensboro, Inc.