Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: 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 are not allowable or are limited as to reimbursement. The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Commission did not pass-through any Federal funding to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Commission under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. 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, changes in net position, or cash flows of the Commission.
Title: Note 2 - Significant Accounting Policies and Basis of Accounting
Accounting Policies: 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 are not allowable or are limited as to reimbursement. The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Commission did not pass-through any Federal funding to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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 are not allowable or are limited as to reimbursement. The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Commission did not pass-through any Federal funding to subrecipients.
Title: Note 3 - Contingencies
Accounting Policies: 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 are not allowable or are limited as to reimbursement. The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Commission did not pass-through any Federal funding to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Commission’s federal programs are subject to financial and compliance audits by grantor agencies which, if instances of material noncompliance are found, may result in disallowed expenditures and affect the Commission’s continued participation in specific programs. The amount, if any, of expenditures which may be disallowed by the grantor agencies cannot be determined at this time, although the Commission expects such amounts, if any, to be immaterial.
Title: Note 4 - Categorization of Expenditures
Accounting Policies: 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 are not allowable or are limited as to reimbursement. The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Commission did not pass-through any Federal funding to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The categorization of expenditures by program included in the schedule of expenditures of federal awards is based upon the grant documents. Changes in the categorization of expenditures occur based upon revisions to the Assistance Listing, which is typically issued in June and December of each year. The schedule of expenditures of federal awards for the year ended June 30, 2024 reflects Assistance Listing changes issued through May 2024.