Notes to SEFA
Title: Note 1 - General
Accounting Policies: Note 2 - Basis of Accounting
The Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting. The accrual basis of accounting is described in Note 2 of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Twin City Mission does not utilize any indirect costing for federal or state funding
The Schedule of Expenditures of Federal and State Awards presents the activity of all applicable federal and state award programs of Twin City Mission. The Mission’s reporting entity is defined in Note 1 of the financial statements. 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) and the State of Texas Grant Management Standards (Texas Grant Management Standards).
Title: Note 2 - Basis of Accounting
Accounting Policies: Note 2 - Basis of Accounting
The Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting. The accrual basis of accounting is described in Note 2 of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Twin City Mission does not utilize any indirect costing for federal or state funding
The Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting. The accrual basis of accounting is described in Note 2 of the financial statements.
Title: Note 3 - Contingencies
Accounting Policies: Note 2 - Basis of Accounting
The Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting. The accrual basis of accounting is described in Note 2 of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Twin City Mission does not utilize any indirect costing for federal or state funding
Allowable expenditures of federal and state awards are subject to audit and adjustment by grantor agencies. Any disallowed claims, including amounts already collected, may constitute a liability of the Mission. As of August 31, 2023, the Mission had no known liability to a grantor agency.
Title: Note 4 - Indirect Cost Rate
Accounting Policies: Note 2 - Basis of Accounting
The Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting. The accrual basis of accounting is described in Note 2 of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Twin City Mission does not utilize any indirect costing for federal or state funding
The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 5 - Insurance in Effect
Accounting Policies: Note 2 - Basis of Accounting
The Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting. The accrual basis of accounting is described in Note 2 of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Twin City Mission does not utilize any indirect costing for federal or state funding
See the Notes to the SEFA for chart/table