Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are presented using the accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basid consolidated financial statements. Pass-through agency identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minim
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of the Los Angeles County Museum of Natural History Foundation (the "Foundation") for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2, US Code of Federal Regulations 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 Foundation, it is not intended to and does not, present the Foundation position, changes in net assets, or cash flows of the Foundation.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are presented using the accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basid consolidated financial statements. Pass-through agency identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minim
Expenditures reported on the Schedule are presented using the accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic consolidated financial statements. Pass-through agency identifying numbers are presented where available. The Foundation has elected to not use the 10% de minimis indirect cost rate offered by the Uniform Guidance.