Notes to SEFA
Accounting Policies: Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of presentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity of Texas Citrus Pest and Disease Management Corporation, Inc. (the Corporation). The information in this schedule is presented in accordance with the 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); therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.Note 2: INDIRECT COST RATEThe Uniform Guidance allows organizations to elect a 10% de minimus indirect cost rate. For the year ended August 31, 2022, the Corporation did not elect to use this rate.Note 3: LOAN / LOAN GUARANTEE OUTSTANDING BALANCESThe Corporation did not have any federal loans or loan guarantees outstanding during the year ended August 31, 2022.Note 4: SUBRECIPIENTSDuring the year ended August 31, 2022, the Corporation did not provide funds to any subrecipients.Note 5: NONCASH ASSISTANCEThe Corporation did not receive any noncash assistance during the year ended August 31, 2022.Note 6: CONTINGENCIESGrant monies received and disbursed by the Corporation are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the Corporation does not believe that such disallowance, if any, would have a material effect on the financial position of the Corporation.Note 7: FEDERALLY FUNDED INSURANCE:During the year ended August 31, 2022, the Corporation had no federally funded insurance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.