Notes to SEFA
Accounting Policies: Note A. Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of the San Diego Opera under programs of the federal government for the year ended June 30, 2022. The information in this 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. Because the Schedule presents only a selected portion of the operations of the San Diego Opera, it is not intended to and does not present the financial position, changes in net assets and cash flows of the San Diego Opera. Note B. Basis of AccountingThis Schedule is prepared on the same basis of accounting as the San Diego Operas financial statements. 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursements. Note C. Relationship of Schedule of Expenditures of Federal Awards to Financial StatementsConsistent with management's policy, federal awards are recorded in various revenue categories. As a result, the amount of total federal awards on the Schedule does not agree to the total contributions revenue on the Statement of Activities and Changes in Net Assets.Note D. Indirect Cost RateThe San Diego Opera did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.