Notes to SEFA
Accounting Policies: The Shuttered Venue Operators Grant (SVOG): The SVOG program wasestablished by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and VenuesAct, and amended by the American Rescue Plan Act. On July 15, 2021, the Society wasawarded an SVOG in the amount of $847,331. The Societys policy is to account for theSVOG as a governmental grant in the accompanying consolidated financial statements.The Society applies the guidance of FASB ASC 958-605 contained in ASU 2021-10. TheSociety had substantially met the conditions of the grant as of June 30, 2022, and hasrecognized the grant in grant revenue.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.