Notes to SEFA
Accounting Policies: For all Federal programs, Reve follows generally accepted accounting principles. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant, and accordingly, when such funds are received, they are recorded as deferred revenue until earned. Once costs are incurred on reimbursement grants, a receivable from the granting agency is recorded. Grant revenues are also considered earned upon the purchase of a capital asset. Reve charges indirect costs to federal programs based on a rate calculated by the Texas Education Agency and has not elected to use the 10% de minimis indirect cost rate as allowed by Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.