Audit 320289

Title: BASIS OF PRESENTATION Accounting Policies: All Federal grant operations of National Assembly of State Arts Agencies, Inc. (NASAA) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit or Uniform Guidance). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the grant program noted below. This program represents Federal award program for fiscal year 2023, cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Actual coverage is 100% of total cash and non-cash Federal award program expenditures. Expenditures reported on the schedule of expenditures of Federal awards (the Schedule) are recognized following the costs principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: NASAA has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying Schedule has been accounted for on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.