Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of the Commission under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with requirements of Title 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.
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 types of expenditures are not allowable or are limited as to reimbursement.
The Commission has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Effective October 1, 2024, the de minimis indirect cost rate was increased to 15%; however, the Commission did not increase its indirect rate.