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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. New England Aquarium Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Consolidated Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of New England Aquarium Corporation under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations 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 New England Aquarium Corporation, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of New England Aquarium Corporation.
Title: Shuttered Venture Operators Grant
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. New England Aquarium Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During 2021, the Aquarium applied for and received a Shuttered Venue Operators Grant of $10 million as provided under the Economic Aid to Hard-Hit Small Business, Nonprofits and Venues Act. Aid was administered by the Small Business Administration to support live venue operators during the uncertain economic conditions resulting from the COVID-19 pandemic. During 2022, the Aquarium expended remaining funding of $5,833,333.
Title: Department of Commerce EDA Cluster Grants
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. New England Aquarium Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule includes an adjustment to Assistance Listing Number 11.020 for ($56,210). The adjustment reflects an inception to date correction for overhead being charged on participant costs.