Notes to SEFA
Title: Note 3
Accounting Policies: Note 1 Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards summarized the expenditures of Memphis Botanic Garden Foundation, Inc. under programs of the federal government for the year ended June 30, 2022. The information in 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 Memphis Botanic Garden Foundation, Inc. it is not intended to and does not present the financial Noteposition, changes in net assets or cash flows of Memphis Botanic Garden Foundation, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.