Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Technology Student Association, Inc. (the "Association") and is presented on the accrual basis of accounting. The determination of when an award is expended is based on when the activity related to the federal award occurs. 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 Award ("Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use the 10% de minimis indirect costs rate; rather the Association uses an approved rate adjusted annually.