Notes to SEFA
Title: Note 1 - Reporting Entity
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10% de minimus cost rate allowed under Uniform Guidance.
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 - Basis of Accounting
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10% de minimus cost rate allowed under Uniform Guidance.
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. This method is consistent with the preparation of the Commission’s financial statements.
Title: Note 3 - Indirect Cost Rates
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10% de minimus cost rate allowed under Uniform Guidance.
The Commission has elected not to use the 10% de minimus cost rate allowed under Uniform Guidance.