Notes to SEFA
Title: NOTE 1 ‐BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in the preparation of, the basic financial statements. All federal financial
assistance received directly from federal agencies as well as federal financial assistance passed through
other government agencies are included on the schedule. The Commission’s records should be consulted
to determine amounts expended from non‐federal sources.
Title: NOTE 2 ‐ SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
Title: NOTE 3 ‐ INDIRECT COST RATES
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.