Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Texas Muslim Womens Foundation, Inc. (TMWF). The information in this Schedule is presented in accordance with the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule only presents a selected portion of the operations of TWMF, it is not intended and does not present the financial position, changes in net assets, or cash flows of TMWF.
De Minimis Rate Used: Y
Rate Explanation: TMWF has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained under the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.