Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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 allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Nevada Ballet Theatre, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Nevada Ballet Theatre, Inc., under programs of the federal government for the year ended June 30, 2022 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). The schedule presents only a selected portion of the operations of the Nevada Ballet Theatre, Inc. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Pass-Through Awards
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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 allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Nevada Ballet Theatre, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Nevada Ballet Theatre, Inc. received certain federal financial assistance from pass-through awards of the pass-through entities listed on the schedule of expenditures of federal awards. There were no awards passed through to subrecipients.