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 auditee did not use the de minimis cost rate. Mississippi Humanities Council, Inc. has opted not to use the de minimis indirect cost rate of 10%, as provided for under Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Final Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includesthe federal award activity of the Council under programs of the federal government for the year ended October 31, 2022. The Schedule is presented on the accrual basis ofaccounting. The information in the Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion ofthe operations of the Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Council.