Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) presents the activityof all applicable federal award programs of ILTexas. The information in this Schedule is presentedin accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operations of ILTexas, it is notintended to and does not present the financial position, changes in net assets or cash flows ofILTexas. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles in the Uniform Guidance, whereincertain 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.