Notes to SEFA
Accounting Policies: Expenditures in the schedules are presented in accordance with the full accrual basis of accounting and are generally in agreement with expenditures reported in the Commission's 2022 financial statements. Accrued revenue at year-end consists of federal and state program expenditures scheduled for reimbursement to the Commission in the succeeding year while unearned revenue represents advances for federal and state programs that exceed recorded Commission expenditures. Because of subsequent program adjustments, these amounts may differ from the prior years ending balances. Such expenditures are recognized following the cost principles contained in the Uniform Guidance guidelines and State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.