Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal and state awards (Schedule) presents the federal and state program activity of the Council. The Schedule is presented on the accrual basis of accounting. The information in the 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 Awards (Uniform Guidance) and the Texas Grant Management Standards, issued by the Governors Office of Budget and Planning. Because the Schedule represents only a selected portion of the operations of the Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Council.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNITNG POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Texas Grant Management Standards.NOTE 3 INDIRECT COSTSThe Council has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance and the Texas Grant Management Standards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.