Notes to SEFA
Title: Summary of Significant Account Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Interstate Commission on the Potomac River Basin (the Commission) for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Commission.
De Minimis Rate Used: N
Rate Explanation: The Commission did not elect to use the 10% de minimis cost rate for indirect costs.
Reporting Entity
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Interstate Commission on the Potomac River Basin (the Commission) for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Commission.
Basis of Accounting
The accompanying Schedule of Expenditures of Federal Awards has been prepared using the accrual basis of accounting in conformity with generally accepted accounting principles. 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.
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Interstate Commission on the Potomac River Basin (the Commission) for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Commission.
De Minimis Rate Used: N
Rate Explanation: The Commission did not elect to use the 10% de minimis cost rate for indirect costs.
There were no awards provided to subrecipients for the year ended September 30, 2023
Title: Indirect Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Interstate Commission on the Potomac River Basin (the Commission) for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Commission.
De Minimis Rate Used: N
Rate Explanation: The Commission did not elect to use the 10% de minimis cost rate for indirect costs.
The Commission did not elect to use the 10% de minimis cost rate for indirect costs.