Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Trinity River Authority (the Authority). The Authority’s reporting entity is defined in Note 1 to the Authority’s basic financial statements. All federal awards received from federal agencies, as well as federal awards passed through other government agencies, are included in the scope of the Federal Single Audit 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) and are included on the Schedule of Expenditures of Federal Awards.
The Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. Expenses are recognized when the liability is incurred. Included in the federal expenditures are $29,622,048 of eligible expenditures incurred in prior years but approved by FEMA in the current fiscal year.
The Authority participates in federal grant programs which are governed by various rules and regulations of the grantor agencies. Costs charged to the respective grant programs are subject to audit and adjustment by the grantor agencies; therefore, to the extent the Authority has not complied with the rules and regulations governing the grants, if any, refunds of any money received may be required and the collectability of any related receivable at November 30, 2025, may be impaired.
The Authority has not elected to use the 15% de minimis cost rate allowable by Uniform Guidance.