Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of TVFI under programs of the federal government for the year ended June 30, 2025. 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 presents only a selected portion of the operations of TVFI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of TVFI. TVFl’s programs are funded jointly by federal and state funds. Costs incurred in such programs are applied against federal grant funds to the extent of the grant award provisions and against state funds for the balance. Federal and state program awards are reported in the financial statements under the caption “Government reimbursements”.
Expenditures reported on the Schedule 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.
TVFI has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.