Notes to SEFA
Accounting Policies: TNOYS uses the accrual basis of accounting, which recognizes revenue when earned and expenses when incurred. Unconditional grants and contributions received are recorded at fair value on the date of the award as with donor restrictions or without donor restrictions depending on the existence and/or nature of any donor-imposed restrictions. See the reporting package for additional policies.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.