Notes to SEFA
Accounting Policies: Note 1 -BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the SEFA) includes the federal award activity of the New Orleans City Park Improvement Association (the Park) under programs of the federal government for the year ended June 30, 2022. The information in the SEFA is presented in accordance with the requirements of Uniform Guidance. Because the SEFA presents only a selected portion of the operation of the Park, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Park.Note 2 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the SEFA 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 Park has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.Note 3 -SUBRECIPIENTSNew Orleans City Park Improvement Association did not pass-through any of its federal awards to a subrecipient during the fiscal year.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.