Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures presented on the Schedule are prepared on the accrual basis of accounting. Allowable expenses are recognized following the cost principles as found in the Uniform Guidance and include both costs that are capitalized in the Council’s statement of financial position and costs that are expensed in the Council’s statement of activities in conformity with generally accepted accounting principles. Allowable expenses include amounts paid with federal and state funds plus those expenses paid from other cash sources considered to be matching funds. Additionally, the Council did not receive any noncash assistance, federal loans, or federally funded insurance, or pass through any funds to subrecipients during the year ended August 31, 2024.
De Minimis Rate Used: Y
Rate Explanation: The Council has elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal and State of Texas Awards (the Schedule) presents the Federal and State award program expenditures of the Council for the year ended August 31, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the Council’s financial statements.