Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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). Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the ten (10) percent de minimis indirect cost.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the Commission. The Commission’s reporting entity is defined in Note 1 to the financial statements 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, changes in net position, or cash flows of the Commission. The American Rescue Plan Act Funding Program from the U.S. Department Treasury, passed through the Louisiana Division of Administration was considered to be the major federal program of the Commission.
Title: Summary of Significant Accounting Policies
Accounting Policies: 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). Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the ten (10) percent de minimis indirect cost.
Expenditures reported on the schedule of expenditures of federal awards 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 to reimbursement. Pass-through identifying numbers are presented where available. The Commission did not incur any indirect costs associated with federal awards. The Commission has not elected to use themten (10) percent de minimis indirect cost.
Title: Subrecipients
Accounting Policies: 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). Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the ten (10) percent de minimis indirect cost.
The Commission provided no federal awards to subrecipients.
Title: Donated PPE Purchased with Federal Assistance Funds for the COVID-19 Response
Accounting Policies: 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). Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the ten (10) percent de minimis indirect cost.
The Commission did not receive donated PPE purchased with federal assistance funds for COVID-19 response.