Title: General
Accounting Policies: General, Basis of Accounting, Relationship to Basic Financial Statements, Relationship to Federal and State Financial Reports, Other, Loans, Cost Rate
De Minimis Rate Used: N
Rate Explanation: Used a Cost Rate Proposal approved by the grantor or pass-through entitites
The accompanying schedules of expenditures of federal awards and state financial assistrance present the activity of all federal and state financial assistance programs of Union County Arts Center, Inc. The Arts Center is defined in the Notes to the Arts Center's basic financial statements. All federal awards and state financial assistance received directly from federal or state agencies, as well as federal financial assistance pagessed through other gevernment agencies is included on the schedule of expenditures of federal awards and state financial assistance.
Title: Basis of Accounting
Accounting Policies: General, Basis of Accounting, Relationship to Basic Financial Statements, Relationship to Federal and State Financial Reports, Other, Loans, Cost Rate
De Minimis Rate Used: N
Rate Explanation: Used a Cost Rate Proposal approved by the grantor or pass-through entitites
The accompanying schedules of expenditures of awards and financial assistrance are present using the accrual basis of accounting.
Title: Relationship to Basic Financial Statements
Accounting Policies: General, Basis of Accounting, Relationship to Basic Financial Statements, Relationship to Federal and State Financial Reports, Other, Loans, Cost Rate
De Minimis Rate Used: N
Rate Explanation: Used a Cost Rate Proposal approved by the grantor or pass-through entitites
Amounts reported in the accompanying schedules agree with amounts reported in the Arts Center's basic financial statements.
Title: Relationship to Federal and State Financial Reports
Accounting Policies: General, Basis of Accounting, Relationship to Basic Financial Statements, Relationship to Federal and State Financial Reports, Other, Loans, Cost Rate
De Minimis Rate Used: N
Rate Explanation: Used a Cost Rate Proposal approved by the grantor or pass-through entitites
Amounts reported in the accompanying schedules agree with the amounts reported in the relared federal and state financial reports.
Title: Other
Accounting Policies: General, Basis of Accounting, Relationship to Basic Financial Statements, Relationship to Federal and State Financial Reports, Other, Loans, Cost Rate
De Minimis Rate Used: N
Rate Explanation: Used a Cost Rate Proposal approved by the grantor or pass-through entitites
Matching contributions expended by the Arts Center in accordance with terms of the various grants are not reported in the accompanying schedules.
Title: Loans
Accounting Policies: General, Basis of Accounting, Relationship to Basic Financial Statements, Relationship to Federal and State Financial Reports, Other, Loans, Cost Rate
De Minimis Rate Used: N
Rate Explanation: Used a Cost Rate Proposal approved by the grantor or pass-through entitites
The Arts Center has no year-end loan balances for Reimbursement Loans, Loan Advances and Revolving Loans
Title: Cost Rate
Accounting Policies: General, Basis of Accounting, Relationship to Basic Financial Statements, Relationship to Federal and State Financial Reports, Other, Loans, Cost Rate
De Minimis Rate Used: N
Rate Explanation: Used a Cost Rate Proposal approved by the grantor or pass-through entitites
The accompanying schedules include indirect costs that were claimed for reimbursement using a Cost Rate Proposal approved by the grantor or pass-through entities.