Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the Schedule) arereported on the accrual basis of accounting. Such expenditures are recognized following, asapplicable, the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule includes the federal award activity of the Grand Forks RegionalAirport Authority for the year ended December 31, 2022. The information in this Schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of the Grand Forks Regional Airport Authority, it is not intended to and does notpresent the financial position, changes in net position, or cash flows of the Grand ForksRegional Airport Authority.