Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CATRAC has elected not to use the 10 percent de minimis indirect cost rate.
The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of Capital Area of Texas Regional Advisory Council (CATRAC) and is presented on the accrual basis of accounting. 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 and the Texas Grant Management Standards issued by the Office of the Comptroller of the State. Because the schedule presents only a selected portion of the operations of CATRAC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CATRAC.
Title: NOTE 2 - GENERAL
Accounting Policies: Expenditures reported on the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CATRAC has elected not to use the 10 percent de minimis indirect cost rate.
The accompanying schedule of expenditures of federal and state awards presents expenditures for all federal and state assistance awards that were in effect for the year ended December 31, 2024 for CATRAC. CATRAC’s reporting entity is described in Note 1 of the basic financial statements.
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: Expenditures reported on the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CATRAC has elected not to use the 10 percent de minimis indirect cost rate.
CATRAC has elected not to use the 10 percent de minimis indirect cost rate.
Title: NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CATRAC has elected not to use the 10 percent de minimis indirect cost rate.
Expenditures reported on the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE 5 - OTHER DISCLOSURES
Accounting Policies: Expenditures reported on the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CATRAC has elected not to use the 10 percent de minimis indirect cost rate.
CATRAC carries insurance specifically to cover equipment purchased with federal and state funds. There were no loans or loan guarantees outstanding at year end. CATRAC disbursed $219,779 in state awards to subrecipients for the year ended December 31, 2024.