Audit 36183

Title: Summary of Significant Accounting Practices Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Indiana State School Music Association (the Organization) 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 (CFR) 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. De Minimis Rate Used: Y Rate Explanation: Indiana State School Music Association has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. 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. During fiscal year 2022, grant agreement related to Assistance Listing #59.075, Shuttered Venue Operators Grant Program, was awarded. The grant period for this grant was March 1, 2020 - June 30, 2022. Pursuant to 2 CFR 200.502, approximately $449,188 of fiscal year 2021 expenses have been included in the Schedule for the year ended June 30, 2022.