Notes to SEFA
Title: Note (1) - Basis of Presentation
Accounting Policies: Basis of presentation, basis of accounting, indirect cost rate
De Minimis Rate Used: N
Rate Explanation: De minimis rate is not used.
The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Memphis in May International Festival, Inc. (the Organization). The
information in this schedule is presented in accordance with the requirements of the State of Tennessee Department of Audit, Audit Manual and Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because this schedule presents only a selected portion of the operations of the Organization, it is not intended and does not present the net asset or changes in net assets of the Organization.
Title: Note (2) - Basis of Accounting
Accounting Policies: Basis of presentation, basis of accounting, indirect cost rate
De Minimis Rate Used: N
Rate Explanation: De minimis rate is not used.
Expenditures reported on the Schedule 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.
Title: Note (3) - Indirect Cost Rate
Accounting Policies: Basis of presentation, basis of accounting, indirect cost rate
De Minimis Rate Used: N
Rate Explanation: De minimis rate is not used.
Memphis in May International Festival, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.