Notes to SEFA
Title: Expenditures
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes federal grant activity of the Portland Opera Association, Inc. and Subsidiary under programs of the federal government for the year ended June 30, 2023. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Portland Opera Association, Inc. and Subsidiary, it is not intended to and does not present the financial position, changes in net assets or cash flows of Portland Opera Association, Inc. and Subsidiary. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: No indirect costs
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Pass-Through
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes federal grant activity of the Portland Opera Association, Inc. and Subsidiary under programs of the federal government for the year ended June 30, 2023. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Portland Opera Association, Inc. and Subsidiary, it is not intended to and does not present the financial position, changes in net assets or cash flows of Portland Opera Association, Inc. and Subsidiary. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: No indirect costs
Pass-through entity identifying numbers are presented where available. There were no pass-through grants to subrecipients during the year.