Notes to SEFA
Accounting Policies: ote L Basis ofPresentationThe accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awardactivity of the Buccaneer Commission, Inc., (the "Commission") under programs of the federal government forthe year ended July 31, 2022. The information in this Schedule is presented in accordance with the requirementsof Title 2. U.S. Code of Federal Regulations Pait 200, Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations ofthe Commission, it is not intended to and does not representthe financial position, changes in net position of the Commission.Note 2. Summary ofSignificant Accounting PoliciesExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Suchexpenditures are recognized following, as applicable, the costs principles contained in the UniformGuidance, or UGMS, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.Note 3. Relationships to Federal Financial ReportsAmounts reported on the Schedule may not agree with amounts rep011ed in the related Federal financial reportsfiled with grantor agencies because of accruals which could be included in the next rep011 filed with the agencies.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.