Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Federal expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Federal 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts
reported as expenditures in prior years.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal award activity for the fiscal year ended
June 30, 2023. The expenditures under programs of the Federal Government are presented in accordance with the requirements of Title 2 U.S.
Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance).
The Schedule presents only a selected portion of the operations of the Aquarium; accordingly, it is not intended to and does not present the
financial position, change in net assets or cash flows of the Aquarium.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Federal expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Federal 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts
reported as expenditures in prior years.
Federal expenditures reported on the Schedule are reported on the accrual basis of accounting. Federal 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts
reported as expenditures in prior years.