Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal award (the Schedule) presents the activity of the Small Business Administration Shuttered Venue Operators Grant Program (the Program) administered by the Rochester Philharmonic Orchestra, Inc. (the Organization).
The amounts reported as federal expenditures are represented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America and were derived from the Organization’s general ledger for the Program.
De Minimis Rate Used: N
Rate Explanation: All fiscal year June 30, 2022 significant federal award operations of Rochester Philharmonic Orchestra, Inc. are included in the scope of the Single Audit. Audit testing procedures were performed for transactions occurring during the year ended June 30, 2022. Grant information is indicated in the schedule of expenditures of federal awards.
The accompanying schedule of expenditures of federal award (the Schedule) presents the activity of the Small Business Administration Shuttered Venue Operators Grant Program (the Program) administered by the Rochester Philharmonic Orchestra, Inc. (the Organization).
Title: Note 2. Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal award (the Schedule) presents the activity of the Small Business Administration Shuttered Venue Operators Grant Program (the Program) administered by the Rochester Philharmonic Orchestra, Inc. (the Organization).
The amounts reported as federal expenditures are represented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America and were derived from the Organization’s general ledger for the Program.
De Minimis Rate Used: N
Rate Explanation: All fiscal year June 30, 2022 significant federal award operations of Rochester Philharmonic Orchestra, Inc. are included in the scope of the Single Audit. Audit testing procedures were performed for transactions occurring during the year ended June 30, 2022. Grant information is indicated in the schedule of expenditures of federal awards.
The amounts reported as federal expenditures are represented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America and were derived from the Organization’s general ledger for the Program.
Title: Note 3. Indirect Costs
Accounting Policies: The accompanying schedule of expenditures of federal award (the Schedule) presents the activity of the Small Business Administration Shuttered Venue Operators Grant Program (the Program) administered by the Rochester Philharmonic Orchestra, Inc. (the Organization).
The amounts reported as federal expenditures are represented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America and were derived from the Organization’s general ledger for the Program.
De Minimis Rate Used: N
Rate Explanation: All fiscal year June 30, 2022 significant federal award operations of Rochester Philharmonic Orchestra, Inc. are included in the scope of the Single Audit. Audit testing procedures were performed for transactions occurring during the year ended June 30, 2022. Grant information is indicated in the schedule of expenditures of federal awards.
The Organization has elected to not use the 10% de minimis indirect cost rate option allowed by Uniform Guidance.