Notes to SEFA
Accounting Policies: NOTE 1 Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards includes the federal awardactivity of Texas Chiropractic College Foundation, Inc. (the College) under programs of the federal government for the yearended August 31, 2021. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule of Expenditures of Federal Awards presents only a selected portionof the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cashflows of Texas Chiropractic College Foundation, Inc.NOTE 2 Summary of Significant Accounting PoliciesExpenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.