Notes to SEFA
Title: Notes to the Schedule of Expenditures of Federal Awards
Accounting Policies: Used the Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and audit Requirements for Federal Awards
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on accrual basis of accounting. Such expenditures are recognized following the cost principles in OMB Circular A- 122, Cost Principles for Non-Profit Organizations, 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. ARROW ROCK LYCEUM THEATRE, INC. has elected
not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Notes to Schedule