Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures included 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.
De Minimis Rate Used: N
Rate Explanation: ETL did not recover its indirect costs using the 10% de minimus indirect cost rate provided under Section 200.414 of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of ETL and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of ETL, it is notintended to and does not present the financial position, changes in net assets, or cash flows of ETL.ETL did not pass through any of the federal awards during the audit year.