Notes to SEFA
Title: NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 2 CFR 200.516(a)
De Minimis Rate Used: N
Rate Explanation: The amount allowable was not sufficient to include indirect costs
Basis of presentation - The accompanying schedule of expenditures of federal awards (“Schedule") includes the federal grant expenditure activity of the San Francisco Ballet Association and the San Francisco Ballet Endowment Foundation (collectively known as the “Ballet”) for the year ended June 30, 2024 and is presented using the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic consolidated financial statements.
Because this schedule presents only a selected portion of the operations of the Ballet, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Ballet.
Title: NOTE 2 – INDIRECT COST RATE
Accounting Policies: 2 CFR 200.516(a)
De Minimis Rate Used: N
Rate Explanation: The amount allowable was not sufficient to include indirect costs
The Ballet has elected to not use the 10% de minimis indirect cost rate offered by the Uniform Guidance.