Notes to SEFA
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal
award activity of the Commission under programs of the federal government for the year ended June
30, 2023. 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). Because the Schedule presents only a
selected portion of the operations of the Commission, it is not intended to and does not present the
financial position, changes in net assets, or cash flows of the Commission.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNT POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
NOTE 3 – INDIRECT COST RATE
The Commission has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
NOTE 4 – USDA BONDS OUTSTANDING
At June 30, 2023, the outstanding balances of USDA Bonds were as follows:
USDA Series 2020A $ 8,253,193
USDA Series 2020B 8,253,193
USDA Series 2020C 8,235,845
USDA Series 2020D 8,195,377
USDA Series 2020E 5,667,065
USDA Series 2020F 1,649,637
USDA Series 2013A 3,318,337
USDA Series 2013B 573,979
$ 44,146,626
De Minimis Rate Used: Y
Rate Explanation: 0.1