Title: Note A - Basis of Presentation
Accounting Policies: The above schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Maritime & Seafood Industry Museum of Biloxi, Inc. under programs of the Federal government for the year ended September 30, 2023. The information in this 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 of the Maritime & Seafood Industry Museum of Biloxi, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Maritime & Seafood Industry Museum of Biloxi, Inc. 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 and/or OMB Circular A0122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Maritime & Seafood Industry Museum of Biloxi, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The above schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Maritime & Seafood Industry Museum of Biloxi, Inc. under programs of the Federal government for the year ended September 30, 2023. The information in this 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 of the Maritime & Seafood Industry Museum of Biloxi, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Maritime & Seafood Industry Museum of Biloxi, Inc.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: The above schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Maritime & Seafood Industry Museum of Biloxi, Inc. under programs of the Federal government for the year ended September 30, 2023. The information in this 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 of the Maritime & Seafood Industry Museum of Biloxi, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Maritime & Seafood Industry Museum of Biloxi, Inc. 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 and/or OMB Circular A0122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Maritime & Seafood Industry Museum of Biloxi, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
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 and/or OMB Circular A0122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement.
Title: Note C - Indirect Cost Rate
Accounting Policies: The above schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Maritime & Seafood Industry Museum of Biloxi, Inc. under programs of the Federal government for the year ended September 30, 2023. The information in this 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 of the Maritime & Seafood Industry Museum of Biloxi, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Maritime & Seafood Industry Museum of Biloxi, Inc. 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 and/or OMB Circular A0122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Maritime & Seafood Industry Museum of Biloxi, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Maritime & Seafood Industry Museum of Biloxi, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.