Notes to SEFA
Accounting Policies: Note 1 Basis of PresentationThe accompanying schedule of expenditures of Federal awards (the Schedule) includes the Federal award activity of ITS TIME TEXAS, Inc. (ITT) under programs of the Federal government for the year ended December 31, 2022. 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 Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of ITT, it is not intended and does not present the financial position, changes in net assets, or cash flows of ITT. Note 2 Summary of Significant Accounting PoliciesBasis of PresentationExpenditures 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.Revenue RecognitionContract and grant revenue from governmental agencies and other grantors are recognized when compliance with the various contract and grant requirements is achieved. Usually this occurs at the time the expenditures are made and any contract or grant matching requirements are met.Note 3 Indirect Cost RateITT has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.