Notes to SEFA
Accounting Policies: The 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 donor imposedrestrictions. Accordingly, net assets of TAP and changes therein are classified and reportedas follows:Net Assets Without Donor Restrictions: Net assets available for use in general operations andnot subject to donor (or certain grantor) restrictions.Net Assets With Donor Restrictions: Net assets subject to donor (or certain grantor) imposedrestrictions. Some donor imposed restrictions are temporary in nature, such as those that willbe met by the passage of time or other events specified by the donor. Other donor imposedrestrictions are perpetual in nature, where the donor stipulates that resources be maintainedin perpetuity. Donor imposed restrictions are released when a restriction expires, that is whenthe stipulated time has elapsed, when the stipulated purpose for which the resource wasrestricted has been fulfilled, or both.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.