Notes to SEFA
Title: Property and Equipment
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is a summary of the activity of the Commission's federal award programs 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). Therefore, some amounts presented in this schedule may differ from amounts presented in the basic financial statements, which are presented in conformity with account principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: The Commission did not use the 10 percent de minimis indirect cost rate for the year ended June 30, 2022.
Property and equipment purchases that are presented as expenditures in the Schedule of Expenditures of Federal Awards may be capitalized by the Commission for presentation in the basic financial statements.