Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Artist Boat, Inc. has elected not to use the 10-ppercent de minimis indirect cost rate allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal and state grant activity of The Artist Boat, Inc. under programs of the federal government for the year ended August 31, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 US 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 select portion of the operations of The Artist Boat Inc. it is not intended to and does not present the financial position, changes in net assets and cash flows of The Artist Boat, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Artist Boat, Inc. has elected not to use the 10-ppercent de minimis indirect cost rate allowed under the Uniform Guidance
Expenditures reported on the schedule 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. The Artist Boat, Inc. has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Artist Boat Inc. has not contracted or made awards to any subrecipients.