Audit 298897

Title: NOTE 1 - BASIS OF PRESENTATION Accounting Policies: The accompanying schedule of expenditures of federal awards (“Schedule”) includes the activity of TFA for the year ended May 31, 2023 and is presented on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: TFA has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (“Schedule”) includes the activity of TFA for the year ended May 31, 2023 and is presented on the accrual basis of accounting. 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 TFA, it is not intended to and does not present the financial position, changes in net assets, functional expenses or cash flows of TFA. 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 reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. TFA has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.