Notes to SEFA
Accounting Policies: Summary of Significant Accounting PoliciesBasis of Presentation The accompanying schedule of expenditures of federal awards(the Schedule) includes the activity of all federal awards programs administered byArtpark & Company, Inc. and Subsidiary (the Company), under programs of the federalgovernment for the year ended September 30, 2022 in accordance with the requirements ofTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Federal awards receiveddirectly from federal agencies, as well as federal awards passed through from othergovernmental agencies, are included on the Schedule.Basis of Accounting The accompanying Schedule is presented using the accrual basis ofaccounting. The amounts reported as federal expenditures were obtained from appropriatefinancial reports for the applicable program and periods. The amounts reported in thesefinancial reports are prepared from records maintained for the program. These records areperiodically reconciled to the general ledger, which is the source of supporting data for theCompanys consolidated financial statements.Indirect Costs The Company has elected not to use the 10 percent de minimus indirectcost rate as allowed under Uniform Guidance and instead uses the overhead allocation rateprovided by the specific contracts for the applicable program.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.