Notes to SEFA
Title: NOTE A-BASIS OF PRESENTATION
Accounting Policies: NOTE B-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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.
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 (the Schedule) includes the federal award activity of Park City Performances d/b/a Egyptian Theatre Company (a nonprofit organization) under programs of the federal government for the years ended August 31, 2022 and 2021. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Park City Performances d/b/a Egyptian Theatre Company (a nonprofit organization), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Park City Performances d/b/a Egyptian Theatre Company (a nonprofit organization).Following is a reconciliation of Major Program funds received to total Grant income in the statement of activities:2022 2021SVOG $ 546,473 $ 873,557PPP Loan Forgiveness 219,388 -RAP Tax 97,009 74,000Restaurant Tax - 146,020Other 9,439 10,000Total $ 872,309 $ 1,103,577
Title: NOTE C-INDIRECT COST RATE
Accounting Policies: NOTE B-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Park City Performances d/b/a Egyptian Theatre Company (a nonprofit organization) has used federal awards only for direct costs and has applied no indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE D-SUBRECIPIENTS OF FEDERAL AWARDS
Accounting Policies: NOTE B-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Park City Performances d/b/a Egyptian Theatre Company (a nonprofit organization) did not provide federal award funding to any recipients during the years ended August 31, 2022 or 2021.