Notes to SEFA
Title: Relationship to Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Commissions basic financial statements. The Commission accounts for this federal financial assistance as non-operating revenue.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal program award revenues are reported as non-operating revenue in the Commissions basic financial statements as capital contributions in the amount of $23,007,244.
Title: Relationship to Federal Financial Reports
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Commissions basic financial statements. The Commission accounts for this federal financial assistance as non-operating revenue.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedule agree with amounts reported in the related federal financial reports.
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Commissions basic financial statements. The Commission accounts for this federal financial assistance as non-operating revenue.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Commission. The Commissions reporting entity is defined in Note 1 to the Commissions basic financial statements. 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). All federal awards received directly from federal agencies as well as federal financial assistance passed through other government agencies are included on the schedule.