Notes to SEFA
Title: Note 1
Accounting Policies: See Next Tab
De Minimis Rate Used: N
Rate Explanation: See next tan ro notes to schedule of expenditures of federal awards
Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards summarized the expenditures of Memphis Convention & Visitors Bureau and Subsidiary under programs of the federal and state governments for the year ended June 30, 2024. The schedule is presented using 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 consolidated operations of Memphis Convention & Visitors Bureau and Subsidiary, it is not intended to and does not present the financial position, changes in net assets or cash flows of Memphis Convention & Visitors Bureau and Subsidiary.
Title: Note 2
Accounting Policies: See Next Tab
De Minimis Rate Used: N
Rate Explanation: See next tan ro notes to schedule of expenditures of federal awards
Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3
Accounting Policies: See Next Tab
De Minimis Rate Used: N
Rate Explanation: See next tan ro notes to schedule of expenditures of federal awards
Memphis Convention & Visitors Bureau and Subsidiary did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4
Accounting Policies: See Next Tab
De Minimis Rate Used: N
Rate Explanation: See next tan ro notes to schedule of expenditures of federal awards
Memphis Convention & Visitors Bureau and Subsidiary was reimbursed $3,581,180 for salaries, benefits and payroll taxes through the Coronavirus State and Local Fiscal Recovery Funds Program during the year ended June 30, 2024. The period of performance for this grant is from December 1, 2021 through November 30, 2026.