Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Summary of Significant Accounting Policies – Expenditures reported in the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Authority under the programs of the federal government for the year ended June 30, 2023. The information in this SEFA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of the Authority.
Title: Summary of Significant Accounting Policies
Accounting Policies: Summary of Significant Accounting Policies – Expenditures reported in the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported in the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles
contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Summary of Significant Accounting Policies – Expenditures reported in the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Loans Outstanding
Accounting Policies: Summary of Significant Accounting Policies – Expenditures reported in the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Authority has no loans outstanding with compliance requirements at year end.