Title: 1. Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditure of Federal Awards includes the federal grant activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore,
some of the amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements. The accompanying Schedule of Expenditure of Federal Awards is presented using the cost
principles from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimus indirect cost rate from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
The accompanying Schedule of Expenditure of Federal Awards includes the federal grant
activity of the Authority and is presented on the accrual basis of accounting. The information in
this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore,
some of the amounts presented in this schedule may differ from amounts presented or used in the
preparation of the basic financial statements. See Note 2.
Title: 2. Project Detail and Matching Funds
Accounting Policies: The accompanying Schedule of Expenditure of Federal Awards includes the federal grant activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore,
some of the amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements. The accompanying Schedule of Expenditure of Federal Awards is presented using the cost
principles from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimus indirect cost rate from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
The following table summarizes project costs to date that were active during the year ended June
30, 2023, including cash and in-kind matching contributions expended by the Authority in
accordance with the terms of the grant.
The Authority receives federal contributions totaling 90% of actual expenditures incurred on
qualified airport improvement projects, and the Authority provides the remaining match. The
CARES Act provided funds to increase the federal share to 100% for certain Airport
Improvement Program grants in 2023.
During fiscal year 2023, the Authority applied $1,980,430 of expenses to Covid-19 Project No.
3-30-0042-062-2021. It was later found that the applied expenses were not eligible under that
grant award. The Authority retrospectively assigned expenses from fiscal year 2022 to the grant
award. Based on inquiries with the Federal Aviation Administration, the Authority has included
the fiscal year 2022 expenses on the 2023 Schedule of Expenditures of Federal Awards. As such,
the fiscal year 2023 Schedule of Expenditures of Federal Awards reports $5,232,340 of federal
expenditures, but only $3,251,910 relate to fiscal year 2023 expenditures. See the qualified
opinion on the Schedule of Expenditures of Federal Awards within the independent auditors'
report.
Title: 3. Cost Principles
Accounting Policies: The accompanying Schedule of Expenditure of Federal Awards includes the federal grant activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore,
some of the amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements. The accompanying Schedule of Expenditure of Federal Awards is presented using the cost
principles from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimus indirect cost rate from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
The accompanying Schedule of Expenditure of Federal Awards is presented using the cost
principles from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance
Administrative Requirements, Subpart E Cost Principles.
Title: 4. Indirect Costs
Accounting Policies: The accompanying Schedule of Expenditure of Federal Awards includes the federal grant activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore,
some of the amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements. The accompanying Schedule of Expenditure of Federal Awards is presented using the cost
principles from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimus indirect cost rate from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
The Authority did not elect to use the 10% de minimus indirect cost rate from Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E
Cost Principles.