Notes to SEFA
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (Schedule) includes the federal grantexpenditure activity of the San Francisco Ballet Association and the San Francisco Ballet EndowmentFoundation (collectively known as the Ballet) for the year ended June 30, 2022 and is presented usingthe accrual basis of accounting. The information in this Schedule is presented in accordance with therequirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements,Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, someamounts presented in this schedule may differ from amounts presented in or used in the preparation of thebasic consolidated financial statements.Because this schedule presents only a selected portion of the operations of the Ballet, it is not intended toand does not present the financial position, changes in net assets or cash flows of the Ballet.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.