Audit 355517

Title: Contributions raised on behalf of others Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes federal grant activity of the Beaverton Arts Foundation under programs of the federal government for the year ended June 30, 2022. 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 Beaverton Arts Foundation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Beaverton Arts Foundation. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. De Minimis Rate Used: N Rate Explanation: No deminimis rate used All contributions raised on behalf of others are reported as a liability and not recognized as contribution revenues in accordance with ASC 958-605. Accordingly, the amount of federal expenditures passed through to the City of Beaverton as reported on the Schedule is not included in expenditures on the statement of activities and changes in net assets for the year ended June 30, 2022 as it was raised on behalf of the City of Beaverton and is not part of Beaverton Arts Foundation operations.