Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Theatre Memphis under programs of the federal government for the year ended June 30, 2023. Because the Schedule presents only a selected portion of the operations of Theatre Memphis, it is not intended to and does not present the financial postion, changes in net assets or cash flows of Theatre Memphis. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Theatre Memphis does not have an apporved indirect cost allocation plan and therefore is subject to using the 10 percent de minimis indirect cost rate.
De Minimis Rate Used: Y
Rate Explanation: Theatre Memphis does not have an approved indirect cost allocation plan and is therefore subject to using the 10 percent de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Theatre Memphis under programs of the federal government for the year ended June 30, 2023. Because the Schedule presents only a selected portion of the operations of Theatre Memphis, it is not intended to and does not present the financial postion, changes in net assets or cash flows of Theatre Memphis. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Theatre Memphis does not have an apporved indirect cost allocation plan and therefore is subject to using the 10 percent de minimis indirect cost rate.