Notes to SEFA
The audit was performed pursuant to the Single Audit Act of 1996 and the Uniform Guidance. Summary of significant accounting policies: The Schedule of Expenditures of Federal Awards has been prepared on the full accrual basis of accounting used by the Commission in preparation of the government wide financial statements that report these awards. The accounting policies of the Commission conform to accounting principles generally accepted in the United States of America as applicable to governmental units. The preparation of the Schedule of Expenditures of Federal Awards in conformity with accounting principles generally accepted in the United States of America requires management to make certain assumptions that affect the reported amounts of expenditures during the reporting period. Actual results could differ from those estimates.
Disbursements reported in the Schedule of Expenditures of Federal Awards cannot be traced, in every case, directly to the disbursements reported in the Commission’s Financial Report. However, the detailed information regarding the disbursements reflected in both issued reports can be traced to the Commission’s detailed general ledger with adjustments for any year-end financial statement accruals and reversals.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Commission that were received directly from federal agencies or passed through other entities and governmental agencies.
The Commission did not elect to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Commission did not make any payments to subrecipients during the current fiscal year.