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Shelter Agencies for Families in East Texas, Inc. <br />NOTES ON ACCOUiNTING POLICIES FOR FEDERAL/STATE AWARDS <br />August 31, 2008 <br />l. The Corporation utilizes the proprietary fund method of accountinge, whereby revenues and expenses are recomized on <br />the accrual basis. <br />Federal grant funds are considered to be earned to the extent of expenditures made under the provision of the grant, and, <br />accordin.gly, when such funds are received, they are recorded as deferred revenues until earned. <br />2. The period of availability for federal grant funds for the purpose of liquidation of outstanding obligations made on or <br />before the ending date of the federal project period estended 30 days beyond the federal project period ending date, in <br />accordance with provisions in Section H, Period of Availabiliry of Federal Funds, Part 3, OMB Circular A-133 <br />Compliance Statement-Provisional 6/97. <br />-17- <br />rnr1l8 1 <br />