Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Commission’s basic financial statements. The Commission accounts for this federal financial assistance as non-operating revenue.
De Minimis Rate Used: N
Rate Explanation: Indirect costs were not charged to grants by the auditee in the current year.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Commission. The Commission’s reporting entity is defined in Note 1 to the Commission’s basic financial statements. The information in this Schedule 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). All federal awards received directly from federal agencies as well as federal financial assistance passed through other government agencies are included on the schedule. The Commission had no awards during the year that were passed to subrecipients.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Commission’s basic financial statements. The Commission accounts for this federal financial assistance as non-operating revenue.
De Minimis Rate Used: N
Rate Explanation: Indirect costs were not charged to grants by the auditee in the current year.
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Commission’s basic financial statements. The Commission accounts for this federal financial assistance as non-operating revenue.
Title: 3. Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Commission’s basic financial statements. The Commission accounts for this federal financial assistance as non-operating revenue.
De Minimis Rate Used: N
Rate Explanation: Indirect costs were not charged to grants by the auditee in the current year.
The Commission has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 4. Relationship to Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Commission’s basic financial statements. The Commission accounts for this federal financial assistance as non-operating revenue.
De Minimis Rate Used: N
Rate Explanation: Indirect costs were not charged to grants by the auditee in the current year.
Federal program award revenues are reported as non-operating revenue in the Commission’s basic financial statements as capital contributions in the amount of $17,532,198.
Title: 5. Relationship to Federal Financial Reports
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Commission’s basic financial statements. The Commission accounts for this federal financial assistance as non-operating revenue.
De Minimis Rate Used: N
Rate Explanation: Indirect costs were not charged to grants by the auditee in the current year.
Amounts reported in the accompanying schedule agree with amounts reported in the related federal financial reports.