Notes to SEFA
Title: Note A. BASIS OF PRESENTATION
Accounting Policies: Note B
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of Maui Academy of Performing Arts, Inc. 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 Maui Academy of Performing Arts, Inc., it is not intended to and does not present the combined financial position, changes in net assets, or cash flows of Maui Academy of Performing Arts, Inc.
Title: Note B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Note B
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note C. INDIRECT COST RATE
Accounting Policies: Note B
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The Organization has not elected to use the 10% de minimis cost rate.
Title: Note D. SUMMARY OF USDA LOAN ACTIVITY
Accounting Policies: Note B
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Total USDA loan balance outstanding at June 30, 2024: $6,152,166
Payments on USDA loan $204,482
Total USDA Loan Balance Reported on Schedule of Expenditures of Federal Awards: $6,356,648
Title: Note E. SUBRECIPIENT PASS THROUGH AWARDS
Accounting Policies: Note B
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
No federal awards were passed through to subrecipients.