Notes to SEFA
Title: Note 3
Accounting Policies: The accompanying schedule of expenditures of federal awards (schedule) includes the federal award activity of Tiffin University under programs of the federal government for the year ended April 30, 2024. 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). Because the Schedule prsents onlya selected portion of the operations of Tiffin University, it is not intended to and does not present the financial position, changes in net assets or cash flows of Tiffin University. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in this schedule, Tiffin University provided no federal awards to subrecipients.