Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and U.S. Department of the Treasurys guidance and FAQs published in the Federal Register, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: The Museum was reimbursed for indirect costs at rates ranging from 10% (the de minimis indirect cost rate allowed under the Uniform Guidance) to 40%, based on approved grant budgets.