Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Accounting: Expenditures reported on the Schedule are 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 cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the obligation was incurred within the applicable grant period. For performance based awards, revenues are recognized to the extent of performance achieved during the grant period. Basic Financial Statements: The accounting policies of the Arts Council conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
De Minimis Rate Used: N
Rate Explanation: The Arts Council has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Arts Council has no federal awards for which an indirect cost rate is applicable.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Greater Hartford Arts Council, Incorporated. (the Arts Council) under programs of the federal government for the year ended December 31, 2023. 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 Arts Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Arts Council.
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Accounting: Expenditures reported on the Schedule are 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 cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the obligation was incurred within the applicable grant period. For performance based awards, revenues are recognized to the extent of performance achieved during the grant period. Basic Financial Statements: The accounting policies of the Arts Council conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
De Minimis Rate Used: N
Rate Explanation: The Arts Council has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Arts Council has no federal awards for which an indirect cost rate is applicable.
The Arts Council has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Arts Council has no federal awards for which an indirect cost rate is applicable.