Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: The notes to the SEFA are prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the
federal award activity of the Brooke- Hancock-Jefferson Metropolitan Planning Commission
(the Commission) under programs of the federal government for the year ended June 30, 2024.
The information on this Schedule is prepared 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 or changes in net position of the Commission.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The notes to the SEFA are prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures may or may not be allowable or may be limited as to
reimbursement.
Title: NOTE C – INDIRECT COST RATE
Accounting Policies: The notes to the SEFA are prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Commission has elected not to use the 10-percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
Title: NOTE D - MATCHING REQUIREMENTS
Accounting Policies: The notes to the SEFA are prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Certain Federal programs require the Commission to contribute non-Federal funds (matching
funds) to support the Federally funded programs. The Commission has met its matching
requirements. The Schedule does not include the expenditure of non-Federal matching funds.