Notes to SEFA
Accounting Policies: Note 1 Basis of PresentationThe schedule of expenditures of federal awards includes the federal grant activity of Kimmel Center, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic consolidating financial statements.Note 2 Summary of Significant Accounting PoliciesExpenditures 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.Note 3 Federal Award AllocationsThe awards administered by the Small Business Administration programs consist of federal agencies and have been allocated based on percentages provided by the administrator, which reflect amounts funded by the respective agency for the program and only the federal allocated portion has been reflected on the Schedule of Expenditures of Federal Awards.Note 4 Indirect Cost RateKimmel Center, Inc. has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.