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 June30, 2021. The information in this Schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of the Commission, it is not intended to and does not present thefinancial position, 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 elected to use the 10% de minimis indirect cost rate as allowed under the UniformGuidance.NOTE 4 USDA BONDS OUTSTANDINGAt June 30, 2022, the outstanding balances of USDA Bonds were as follows:USDA Series 2020A $ 8,418,363USDA Series 2020B 8,418,363USDA Series 2020C 8,401,273USDA Series 2020D 8,361,406USDA Series 2020E 5,782,679USDA Series 2020F 1,683,202USDA Series 2013A 3,391,933USDA Series 2013B 587,020$ 45,044,299
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.