Notes to SEFA
Title: SHUTTERED VENUE OPERATORS GRANT
Accounting Policies: 2.BASIS OF ACCOUNTINGThe accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting for expenditures. The cost principles contained in Subpart E -Cost Principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Institutes summary of significant accounting policies is presented in Note 2 of the Institutes basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
During the year ended February 28, 2022, the Institute was awarded $6,318,422 in federal funding through the Shuttered Venue Operators Grant. This grant allowed the Institute to apply the funds to the prior fiscal year. As such, $3,165,925 of the grant awarded was applied to wages from October 2020 through February 2021. Therefore, the full$6,318,422 was recognized as revenue during the year ended February 28, 2022. However, only $3,152,497 are included as expenditures in the schedule of expenditures of federal awards.
Title: General
Accounting Policies: 2.BASIS OF ACCOUNTINGThe accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting for expenditures. The cost principles contained in Subpart E -Cost Principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Institutes summary of significant accounting policies is presented in Note 2 of the Institutes basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of Thanksgiving Point Institute (the Institute).The reporting entity is defined in Note 1 to the basic financial statements. All federal awards received directly from federal agencies as well as federal awards passed-through other government agencies are included on the schedule of expenditures of federal awards.
Title: NON-CASH ASSISTANCE
Accounting Policies: 2.BASIS OF ACCOUNTINGThe accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting for expenditures. The cost principles contained in Subpart E -Cost Principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Institutes summary of significant accounting policies is presented in Note 2 of the Institutes basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Institute received no non-cash assistance during the period presented.