Audit 340096

Title: Basis of Presentation Accounting Policies: accrual basis; cost principles per the Uniform Guidance De Minimis Rate Used: N Rate Explanation: no cost rate applied The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the Museum and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administrative 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 presentation of, the basic financial statements. 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. The Museum has not elected to use the 10% deminimis indirect cost rate as allowed under Uniform Guidance.