Notes to SEFA
Accounting Policies: Basis of Presentation
The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting.
Measurement Focus
The determination of when an award is expended is based on when the activity related to the award
occurred.
Program Type Determination
Type A programs are defined as federal programs with federal expenditures exceeding the larger of
$750,000, or 3%, of total federal expenditures. The threshold of $750,000 was used in
distinguishing between Type A and Type B programs.
Method of Major Program Selection
The risk-based approach was used in the selection of federal programs to be tested as major
programs. The Authority qualified as a low-risk auditee for the fiscal year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: De minimis indirect cost rate was not used.