Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
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: Memphis Symphony Orchestra, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed
in the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal and State Financial Assistance (the “Schedule”) includes the
federal and state grant activity of Memphis Symphony Orchestra, Inc. under programs of the federal and
state government for the year ended June 30, 2024. The information in the Schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance). Because the Schedule presents only a selected portion of the operations of Memphis Symphony
Orchestra, Inc., it is not intended to and does not present the financial position, changes in net assets, or
cash flows of Memphis Symphony Orchestra, Inc.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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: Memphis Symphony Orchestra, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed
in the Uniform Guidance.
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.
Title: NOTE C – INDIRECT COST RATE
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: Memphis Symphony Orchestra, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed
in the Uniform Guidance.
Memphis Symphony Orchestra, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed
in the Uniform Guidance.
Title: NOTE D – SUBRECIPIENTS
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: Memphis Symphony Orchestra, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed
in the Uniform Guidance.
There were no federal awards passed through to subrecipients. Pass-through entity identifying numbers are presented where available.