Notes to SEFA
Accounting Policies: Basis of presentationThe accompanying Schedules of Expenditures of Federal, State and County Financial Assistance includes the award activity of the Theatre under programs of the Federal, State and County governments for the year-ended June 30, 2022. The information in these Schedules are 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 Schedules present only a selected portion of the operations of the Theatre, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Theatre.Summary of significant accounting policiesExpenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance wherein certain types of expenditures, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.