Audit 12339

Title: (1) Summary of Significant Accounting Policies Applicable to the Schedule of Expenditures of Federal Awards Accounting Policies: GAAP De Minimis Rate Used: N Rate Explanation: TRPA elected not to use the 10% de minimis cost rate and obtained a negotiated indirect cost rate of 55.72% from its cognizant agency. Scope of Presentation The accompanying schedule presents only the expenditures incurred by the Tahoe Regional Planning Agency (TRPA) that are reimbursable under programs of federal agencies providing financial awards. For the purposes of this schedule, financial awards include federal awards received directly from a federal agency, as well as federal funds received indirectly by TRPA from a non-federal agency or other organization. Only the portions of program expenditures reimbursable with such federal funds are reported in the accompanying schedule. Program expenditures in excess of the maximum reimbursement authorized or the portion of the program expenditures that were funded with other state, local or other non-federal funds are excluded from the accompanying schedule. Basis of Accounting The expenditures included in the accompanying schedule were reported on the accrual basis of accounting. Under the accrual basis of accounting, expenditures are recognized when incurred. Expenditures reported include any property or equipment acquisitions incurred under the federal program. TRPA elected to not use the 10% de minimis cost rate and obtained a negotiated indirect cost rate of 55.72% from its cognizant agency.