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 either the cost principles in Subpart E of the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Museum has elected to not use the 10-percent de minimis indirect cost rate under the Uniform Guidance.
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 the Museum of Science (the Museum) 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 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 the Museum, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Museum.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following either the cost principles in Subpart E of the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Museum has elected to not use the 10-percent de minimis indirect cost rate under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in the Schedule, the Museum provided federal awards to subrecipients as follows for the year ended June 30, 2022: SEE FINANCIAL STATEMENTS FOR TABLE.