Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Basis of Accounting - The Schedule has been prepared on the modified accrual basis of accounting as defined in Note 1 of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The information in the Schedule of Expenditures of Federal Awards (the "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 the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.