Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented based on the modified accrual basis of
accounting. Under the modified accrual basis of accounting, revenues are recognized when susceptible
to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of
the transaction can be determined and "available" means collectible within the current period or soon
enough thereafter to be used to pay liabilities of the current period.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.