Notes to SEFA
Accounting Policies: NOTE A BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) includes the federal and state grant activity of Memphis Symphony Orchestra, Inc. under programs of the federal and state government for the year ended June 30, 2022. The information in the 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 Memphis Symphony Orchestra, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Memphis Symphony Orchestra, Inc. NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule 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. NOTE C INDIRECT COST RATE Memphis Symphony Orchestra, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance. NOTE D SUBRECIPIENTS There were no federal awards passed through to subrecipients. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.