Notes to SEFA
Accounting Policies: Basis of Presentation - The accompanying schedule of expenditures of federal awards (the schedule) reports only the receipts and expenses of the Program and does not include any other program revenues or expenses earned or incurred by TCU/IAM. 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 (Uniform Guidance). Estimates - The preparation of the schedule requires management to make estimates and assumptions that affect certain reported amounts and disclosure in the schedule. Actual results may differ from those estimates. Basis of Accounting - The accompanying schedule has been prepared using the accrual basis of accounting. Under this basis, revenue is recognized when earned and expenses are recognized when incurred. Revenue Recognition - The Program disbursements are reported as revenue and expenses when expended. Funds received prior to being expended are reported as a liability and funds expended prior to their receipt are reported as receivables.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - TCU/IAM uses an indirect cost rate of 2.19% for the year ended December 31, 2022 which has been approved by the U.S. Department of Labor (DOL).