Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federalaward activity of the Commission under programs of the federal government for the year ended June 30,2022. 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 AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the Commission, it is not intended to and does not present the financialposition, changes in net assets, or cash flows of the Commission.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNT POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.NOTE 3 INDIRECT COST RATEThe Commission has an approved federal indirect cost rate of 33.3% of salary and fringe benefits.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.