Audit 333349

Accounting Policies: NOTE A – BASIS OF ACCOUNTING The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of the Bureau Group under programs of the federal government for the year ended June 30, 2024 and is presented on 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 Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Bowling Green Area Convention and Visitors Bureau Group, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bowling Green Area Convention and Visitors Bureau Group. NOTE B – SUMMARY OF SIGNIFICANT 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. Any negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior year. De Minimis Rate Used: N Rate Explanation: Bowling Green Area Convention and Visitors Bureau Group has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.