Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified acrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mid-East Commission has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Gudance.
The accompanying schedule of expenditures of federal and State awards includes the federal and State grant activity of the Mid-East Commission under the programs of the federal
government and the State of North Carolina for the year ended June 30, 2023. The information in this SEFSA is presented in accordance with the requirements of Title 2 US Code of Federal
Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Because the
Schedule presents only a selected portion of the operations of the Mid-East Commission, it is not intended to and does not present the financial position, changes in net assets, or cash flows
of the Mid-East Commission.