Notes to SEFA
Accounting Policies: FINANCIAL STATEMENT PRESENTATIONThe accompanying financial statements are prepared on the accrual basis of accounting inaccordance with U.S. generally accepted accounting principles. Net assets, revenues,expenses, gains, and losses are classified based on the existence or absence of donorimposed restrictions. Accordingly, net assets of TLSC and changes therein are classified andreported as follows:Net Assets Without Donor Restrictions: Net assets available for use in general operationsand not subject to donor (or certain grantor) restrictions.Net Assets With Donor Restrictions: Net assets subject to donor (or certain grantor)imposed restrictions. Some donor imposed restrictions are temporary in nature, such asthose that will be met by the passage of time or other events specified by the donor. Otherdonor imposed restrictions are perpetual in nature, where the donor stipulates thatresources be maintained in perpetuity. Donor imposed restrictions are released when arestriction expires, that is when the stipulated time has elapsed, when the stipulatedpurpose for which the resource was restricted has been fulfilled, or both.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.