Notes to SEFA
Accounting Policies: BASIC FINANCIAL STATEMENTS The accounting policies of The Katharine Hepburn Cultural Arts Center, Inc. conform to accounting principlesgenerally accepted in the United States of America as applicable to nonprofit organizations.SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the financial statements. Information included in the schedule of expenditures of federal awards is presented in accordance with the requirements of the Uniform Guidance. For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period. For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.