Notes to SEFA
Basis of presentation – The schedules of expenditures of federal and state awards (the schedules) are prepared on the accrual basis of accounting. The information in these schedules 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) and the Texas Grant Management Standards. Federal and state expenses include allowable expenses funded by federal and state grants. Allowable costs are subject to the cost principles of the Uniform Guidance and the Texas Grant Management Standards, and include both costs that are capitalized and costs that are recognized as expenses in the Foundation’s financial statements in conformity with generally accepted accounting principles. Indirect costs are reported utilizing either the 10% or 15% de minimis cost rate or the Foundation’s approved indirect cost rate from the U. S. Department of the Interior. Because the schedules present only a selected portion of the operations of the Foundation, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the Foundation.