Notes to SEFA
Accounting Policies: Expenditures reported in 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. Pass-through identifying numbers are presented where available. The National Endowment for Humanities Challenge Grant is reported in the Schedule at the cumulative endowment balance. Under the Uniform Guidance, federal awards for endowment funds that are federally restricted are considered awards expended each year in which the funds are still restricted.
De Minimis Rate Used: Y
Rate Explanation: The Museum elected to use the 10% de minimus indirect cost rate.