Title: SHUTTERED VENUE OPERATORS GRANT (SVOG)
Accounting Policies: 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, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
IN APRIL 2021, THE PALACE APPLIED FOR A GRANT UNDER THE SHUTTERED VENUE OPERATORS GRANT PROGRAM. THE PALACE WAS APPROVED FOR FUNIDNG WITH INITIAL AWARDS OF $2,288,064 RECEIVED IN 2021. THE U.S. SMALL BUSINESS ADMINISTRATION ISSUED NOTICES OF AWARDS ON JUNE 3, 2021 AND JUNE 15, 2021. THE INIIAL FUNDING UNDER THIS PROGRAM COVERED ELIGIBLE EXPENDITURES INCURRED BY THE PALACE BETWEEN MARCH 1, 2020 AND JUNE 30, 2021 IN THE AMOUNT OF $2,255,849. THERE WAS AN UNEXPENDED BALANCE OF $32,215 AT JUNE 30, 2021 WHICH WAS EXPENDED DURING THE FISCAL YEAR ENDED JUNE 30, 2022. IN SEPTEMBER 2021, THE PALACE RECEIVED A SUPPLEMENTAL GRANT AWARD UNDER THE SVOG IN THE AMOUNT OF $1,144,032. TOTAL EXPENDITURES UNDER THE PROGRAM TOTALED $1,176,247 DURING THE FISCAL YEAR ENDED JUNE 30, 2022. ALL FUNDING RECEIVED UNDER THE SVOG DURING FISCAL YEARS ENDED JUNE 30, 2022 AND 2021 WAS FULLY EXPENDED AS OF JUNE 30, 2022.
Title: SHUTTERED VENUE OPERATORS GRANT (SVOG)
Accounting Policies: 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, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
IN APRIL 2021, THE PALACE APPLIED FOR A GRANT UNDER THE SHUTTERED VENUE OPERATORS GRANT PROGRAM. THE PALACE WAS APPROVED FOR FUNIDNG WITH INITIAL AWARDS OF $2,288,064 RECEIVED IN 2021. THE U.S. SMALL BUSINESS ADMINISTRATION ISSUED NOTICES OF AWARDS ON JUNE 3, 2021 AND JUNE 15, 2021. THE INIIAL FUNDING UNDER THIS PROGRAM COVERED ELIGIBLE EXPENDITURES INCURRED BY THE PALACE BETWEEN MARCH 1, 2020 AND JUNE 30, 2021 IN THE AMOUNT OF $2,255,849. THERE WAS AN UNEXPENDED BALANCE OF $32,215 AT JUNE 30, 2021 WHICH WAS EXPENDED DURING THE FISCAL YEAR ENDED JUNE 30, 2022. IN SEPTEMBER 2021, THE PALACE RECEIVED A SUPPLEMENTAL GRANT AWARD UNDER THE SVOG IN THE AMOUNT OF $1,144,032. TOTAL EXPENDITURES UNDER THE PROGRAM TOTALED $1,176,247 DURING THE FISCAL YEAR ENDED JUNE 30, 2022. ALL FUNDING RECEIVED UNDER THE SVOG DURING FISCAL YEARS ENDED JUNE 30, 2022 AND 2021 WAS FULLY EXPENDED AS OF JUNE 30, 2022.