Notes to SEFA
Title: 2.Summary of Significant Accounting Polices
Accounting Policies: 1.Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activities of Imagination Stage, Inc. and affiliate (collectively, the Organization) under programs of the federal government for the year ended August 31, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position, changes in net assets, or cash flow of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.