Notes to SEFA
Accounting Policies: The expenditures included in the accompanying schedule were reported on the modified accrual basis of accounting. Under the modified accrual basis of accounting, expenditures are incurred when the Authority becomes obligated for payment as a result of the receipt of the related goods and services. Expenditures reported included any property or equipment acquisitions incurred under the federal program.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.