Notes to SEFA
Title: GENERAL
Accounting Policies: Expenditures presented on the Schedule are reported on the modified basis of accounting. Expenditures are recognized when the related liability is incurred following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The Federal Assistance Listing Number, formerly known as Catalog of Federal Domestic Assistance Number (CFDA), is a program identification number. The first two digits identify the federal department of agency that administers the program and the last three numbers are assigned by numerical sequence.State or local government redistributions of federal awards to the Commission, known as “pass-through awards” should be treated by the Commission as though they were received directly from the federal government. The Uniform Guidance requires the Schedule to include the name of the “pass-through entity” and the identifying number assigned by the “pass-through entity” for the federal awards received as a sub-recipient. Numbers identified as N/A are not applicable and numbers identified as N/AV are not available.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the ten percent of the minimums indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the funds expended by the Commission from all federal programs for the year ended June 30, 2023. The Commission’s reporting entity is defined in Note 1 to the financial statements.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures presented on the Schedule are reported on the modified basis of accounting. Expenditures are recognized when the related liability is incurred following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The Federal Assistance Listing Number, formerly known as Catalog of Federal Domestic Assistance Number (CFDA), is a program identification number. The first two digits identify the federal department of agency that administers the program and the last three numbers are assigned by numerical sequence.State or local government redistributions of federal awards to the Commission, known as “pass-through awards” should be treated by the Commission as though they were received directly from the federal government. The Uniform Guidance requires the Schedule to include the name of the “pass-through entity” and the identifying number assigned by the “pass-through entity” for the federal awards received as a sub-recipient. Numbers identified as N/A are not applicable and numbers identified as N/AV are not available.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the ten percent of the minimums indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards 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 of the amounts presented in the schedule may differ from the amounts presented in, or used in the presentation of, the basic financial statements. 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 and changes in net position of the Commission.