Notes to SEFA
Title: Grant periods differ from the fiscal year of the auditee.
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Washington Drama Society, Inc. and is presented on the accrual basis of accounting. The information in this 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures 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. Negative amounts shown on the SEFA, if any represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Management has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The grant periods covered by the grantors differ from the fiscal year for Washington Drama Society, Inc. The portion of expenditures attributable to the fiscal year of Washington Drama Society, Inc. has been reflected on the schedule. The $605,282 award for Entertainment Bridge Fund from the Latino Economic Development Center is comprised of federal expenditures as follows: Year Ended June 30, 2021 $311,923, Year Ended June 30, 2022 $293,359, for a total of $605,282. The $8,224,507 award (original plus supplemental) for Shuttered Venue Operators Grant from the U.S. Small Business Administration is comprised of federal expenditures as follows: Year Ended June 30, 2022 $7,154,100, Year Ended June 30, 2023 $1,070,407, for a total of $8,224,507. See Notes to SEFA for chart.