Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the modifiedaccrual basis of accounting. Such expenditures are recognized following the cost principles contained inthe Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Certain amounts shown on the schedule of expenditures of federal awards representsadjustments or credits made in the normal course of business to amounts reported as expenditures inprior years. The Authority has elected not to use the 10-percent de minimis indirect cost rate as allowedunder the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the award activity of the Authorityunder programs of the federal and state governments, respectively, for the year ended September 30,2022. The information in the schedule of expenditures of federal awards is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the schedule of expenditures of federal presents only a selected portion of the operations of theAuthority, they are not intended to and do not present the financial position, statement of activities, orcash flows of the Authority.