Notes to SEFA
The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state award activity of Nashville Convention & Visitors Bureau and affiliate (collectively the Organization) under programs of federal and state government for the year ended June 30, 2025. 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) and the State of Tennessee Audit Manual. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the consolidated financial position, consolidated changes in net assets, or consolidated cash flows of the Organization.
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
The Organization has not elected to use the 10% de minimis indirect cost rate
The Organization is subject to compliance audits by grantor agencies. The amount, if any, of expenditures that may be disallowed by the grantor agencies cannot be determined at this time. The Organization expects such amounts, if any, to be immaterial.
The Organization did not passthrough any federal awards to subrecipients.