Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The Schedule includes the federal activity of the Foundation and is presented 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 allowed or are limited as to reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Foundation has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of The University of Texas Foundation, Inc. and its subsidiaries (collectively, the “Foundation”) under the programs of the federal government for the year ended December 31, 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 presents only a selected portion of the operations of the Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Foundation.
Title: Summary of Significant Accounting Policies
Accounting Policies: The Schedule includes the federal activity of the Foundation and is presented 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 allowed or are limited as to reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Foundation has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Schedule includes the federal activity of the Foundation and is presented 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 allowed or are limited as to reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements. The Foundation has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.