Notes to SEFA
Title: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the Commission's financial statements.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected to not use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal and State Awards presents the activity of all federal/state financial awards programs of Permian Basin Regional Planning Commission, Midland, Texas (the "Commission"). The Commission's reporting entity is defined in Note 1 to the Commission's financial statements. Federal/state awards received directly from federal agencies as well as federal/state awards passed through other government agencies are included on the schedule.
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the Commission's financial statements.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected to not use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the Commission's financial statements.
Title: Indirect Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the Commission's financial statements.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected to not use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The Commission has elected to not use the de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Pass-Through Expenditures
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the Commission's financial statements.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected to not use the de minimis indirect cost rate as allowed under the Uniform Guidance.
None of the expenditures presented on the Schedule of Expenditures of Federal and State Awards were passed through to subrecipients.