Notes to SEFA
Accounting Policies: Expenditures in the schedules are presented in accordance with the full accrual basis of accounting and are
generally in agreement with expenditures reported in the Commission’s 2023 financial statements. Accrued
revenue at year-end consists of federal and state program expenditures scheduled for reimbursement to the
Commission in the succeeding year while unearned revenue represents advances for federal and state
programs that exceed recorded Commission expenditures. Because of subsequent program adjustments, these
amounts may differ from the prior year’s ending balances. Such expenditures are recognized following the cost
principles contained in the Uniform Guidance guidelines and State Single Audit Guidelines, wherein certain
types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A