Audit 13174

Title: Basis of Accounting Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Authority of Prattville Airport Authority (the Authority) and is presented on the accrual basis of accounting. Under this basis of accounting, revenues are recognized when earned and expenses are recognized when the related liability is incurred. 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 Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the financial statements. De Minimis Rate Used: N Rate Explanation: The Authority did not elect to charge a de minimus rate of 10% for all federal awards. The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Authority of Prattville Airport Authority (the Authority) and is presented on the accrual basis of accounting. Under this basis of accounting, revenues are recognized when earned and expenses are recognized when the related liability is incurred. 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 Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the financial statements.

Title: Reporting Entity Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Authority of Prattville Airport Authority (the Authority) and is presented on the accrual basis of accounting. Under this basis of accounting, revenues are recognized when earned and expenses are recognized when the related liability is incurred. 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 Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the financial statements. De Minimis Rate Used: N Rate Explanation: The Authority did not elect to charge a de minimus rate of 10% for all federal awards. The Authority’s reporting entity is fully described in Note 1 of the financial statements.

Title: Indirect Cost Rates Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Authority of Prattville Airport Authority (the Authority) and is presented on the accrual basis of accounting. Under this basis of accounting, revenues are recognized when earned and expenses are recognized when the related liability is incurred. 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 Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the financial statements. De Minimis Rate Used: N Rate Explanation: The Authority did not elect to charge a de minimus rate of 10% for all federal awards. The Authority did not elect to charge a de minimus rate of 10% for all federal awards.