Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures 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 of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: n/a
The accompanying Schedule of Expenditures of Federal Awards includes the federal award
activity of Texas Chiropractic College Foundation, Inc. (the “College”) under programs of the
federal government for the year ended August 31, 2024. The information in this schedule 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 Schedule of Expenditures of Federal Awards
presents only a selected portion of the operations of the College, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of Texas Chiropractic College
Foundation, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures 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 of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: n/a
Expenditures 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 of expenditures are not allowable or are
limited as to reimbursement.
Title: De Minimis Indirect Cost Rate
Accounting Policies: Expenditures 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 of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: n/a
The College has elected to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Title: Commitments and Contingencies
Accounting Policies: Expenditures 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 of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: n/a
Federal grants received by the College are subject to review and audit by grantor agencies. The
College’s management believes that the results of such audits will not have a material effect on the
schedule.