Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Accrual basis, cost principle contained in the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: Auditee uses a negotiated rate of 8%
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
September 30, 2024. 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). 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, activities, or cash flows of the Commission.
Title: Note 2- Summary of Significant Accounting Policies
Accounting Policies: Accrual basis, cost principle contained in the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: Auditee uses a negotiated rate of 8%
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
Title: Note 3- Indirect Cost Rate
Accounting Policies: Accrual basis, cost principle contained in the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: Auditee uses a negotiated rate of 8%
The Commission did not elect to use a de minimis indirect cost rate.