Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: All Federal grant operations of the Organization are included in the scope of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (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 major grant program noted below. The programs on the Schedule of Expenditures of Federal Awards (the Schedule) represent all Federal award programs with fiscal year 2022, cash or non-cash expenditures activities. SBC has evaluated the Federal financial assistance programs of the Organization for the year ended June 30, 2022, and have selected the major program listed below for testing. SBC tested to ensure coverage of at least 20% of Federally granted funds and coverage for testing was 21% of all Federal expenditures.Expenditures reported on the Schedule 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. The Organization has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.Federal Department / Grant Program: National Endowment for the Arts- Promotion of the Arts - Grants to Organizations or Individuals - Federal Assistance Listing: 45.024 Federal Expenditures: $795,691
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule includes the Federal award activity of the Organization under programs of the Federal government for the year ended June 30, 2022 on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance.