Notes to SEFA
Title: Basis of Presentation
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 the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grantactivity of Friends of the Cultural Center, Inc. under programs of the federal governmentfor the year ended July 31, 2022. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of Friends of the Cultural Center, Inc., it is not intended to anddoes not present the financial position, changes in net assets, or cash flows of Friends ofthe Cultural Center, Inc.
Title: Summary of Shuttered Venue Operations Grant Program
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 the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Friends of the Cultural Center, Inc. was closed from March 12, 2020 through November 3, 2021 due to COVID-19 pandemic and as such has requested reimbursement under theProgram. The Theatre has recorded a total award amount of $6,240,290 ofreimbursements from SBA on claims for allowable costs incurred between March 1, 2020and June 30, 2022.Initial award - June 30, 2021 $ 3,866,617Supplemental award - June 30, 2022 2,373,673Total $ 6,240,290Use of fundsBox Office Refunds $ 6,100,000Utilities 140,290Total $ 6,240,290