Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: LOW RISK AUDIT
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS INCLUDES THE FEDERAL AWARD ACTIVITY OF TAUD UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED JUNE 30, 2023. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF TITLE 2 U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATION REQUIREMENTS, COST PRINCIPLES, AND AUTI REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE). BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF TAUD.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: LOW RISK AUDIT
EXPENDITURES 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 REIMBURSEMENTS.