Notes to SEFA
Title: General
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization does not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedules of Expenditures of Federal and State Awards (“Schedules”) include the federal and award activity of the Literacy Council of Tyler, Inc. (“the Organization”) for the year ended June 30, 2024. The Organization’s reporting entity is defined in Note 1 to the Organization’s basic financial statements. Federal award activity passed through other governmental agencies as well as federal and state award activity passed through non-federal and non-state entities is included on the schedule.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization does not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The information in these Schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Because the Schedules present only a selected portion of the operations of the Organization, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization does not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization does not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
For indirect costs, the amounts expended are claimed as an indirect cost recovery using an approved cost allocation plan. The Organization does not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.