Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of Maui Academy of Performing Arts, Inc. under programs of the Federal 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). Because the Schedule presents only a selected portion of the operations of Maui Academy of Performing Arts, Inc., it is not intended to and does not present the combined financial position, changes in net assets, or cash flows of Maui Academy of Performing Arts, Inc.
Expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Nonprofit Organizations, 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 cost rate.
See the Notes to the SEFA for chart/table
No federal awards were passed through to subrecipients.