Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents activities of the federal awards programs of Philadelphia Film Society. All federal financial assistance passed through other governmental agencies or other nonprofit organizations is included in the schedule. 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 Philadelphia Film Society, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Philadelphia Film Society. The accompanying schedule of expenditures of federal awards is presented 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. Federal award expenditures are reported on the statement of activities as program expenditures. Some amounts presented in this schedule may differ from amounts presented inor used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.