Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of Los Angeles Opera Company and is presented on the accrual basis of accounting. Theinformation in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance), for Audits of States, Local Governments, andNonprofit Organizations.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.