Audit 343032

Title: Note 1. Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are generally 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. For the Promotion of the Humanities Challenge Grant (ALN 45.130), the amounts reported on the Schedule represent the cumulative balance of Federal awards for endowment funds which are federally restricted, including allocated investment earnings. Those amounts are required to be included on the Schedule for each year in which the funds are still restricted. De Minimis Rate Used: N Rate Explanation: The Museum does not charge indirect costs to its federal awards. As such, the Museum has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Baltimore Museum of Art, Inc. (the Museum) under programs of the federal government for the year ended June 30, 2024. 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 the Museum, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Museum.

Title: Note 2. Summary of Significant Accounting Policies Accounting Policies: Expenditures reported on the Schedule are generally 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. For the Promotion of the Humanities Challenge Grant (ALN 45.130), the amounts reported on the Schedule represent the cumulative balance of Federal awards for endowment funds which are federally restricted, including allocated investment earnings. Those amounts are required to be included on the Schedule for each year in which the funds are still restricted. De Minimis Rate Used: N Rate Explanation: The Museum does not charge indirect costs to its federal awards. As such, the Museum has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Expenditures reported on the Schedule are generally 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. For the Promotion of the Humanities Challenge Grant (ALN 45.130), the amounts reported on the Schedule represent the cumulative balance of Federal awards for endowment funds which are federally restricted, including allocated investment earnings. Those amounts are required to be included on the Schedule for each year in which the funds are still restricted.

Title: Note 3. Indirect Costs Accounting Policies: Expenditures reported on the Schedule are generally 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. For the Promotion of the Humanities Challenge Grant (ALN 45.130), the amounts reported on the Schedule represent the cumulative balance of Federal awards for endowment funds which are federally restricted, including allocated investment earnings. Those amounts are required to be included on the Schedule for each year in which the funds are still restricted. De Minimis Rate Used: N Rate Explanation: The Museum does not charge indirect costs to its federal awards. As such, the Museum has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Museum does not charge indirect costs to its federal awards. As such, the Museum has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.