Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the Federal contracts andgrant activity of Spoleto Festival USA, Inc. (the "Festival) and is presented on the accrual basis of accounting. Theinformation in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards ("Uniform Guidance"). Therefore, some amounts presented in this Schedule may differ from amountspresented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Festival does not utilize an indirect cost rate with respect to its federal program.