Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: Note B – Significant Accounting Policies
Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. The Commission’s summary of significant accounting policies is presented in Note 1 in the Commission’s basic financial statements. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Note C – Indirect Cost Rate
The Commission does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Commission under programs of the federal government for the year ended December 31, 2023. The information 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). 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, changes in net position, or cash flows of the Commission. The Commission received federal awards directly from federal agencies.