Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Note 2. Summary of Significant Accounting PoliciesExpenditures reported on the SEFA 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: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the SEFA) includes the federal grant activity of The National World War II Museum, Inc. and Subsidiaries (the Museum) under programs of the federal government for the year ended June 30, 2022. The information in the 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 SEFA presents only a selected portion of the operations of the Museum, it is not intended to and does not present the financial position, changes in net assets, or cash flow of the Museum.