Notes to SEFA
Title: NOTE C PROGRAM COST
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of the Authority under programs of the federal government for the year ended March 31, 2022. Theinformation in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the Authority, it is not intended to and does not present the financial position,change in net positions, or cash flows of the Authority.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts presented as federal expenditures represent only the federal portion of the actual program costs. Actual program costs, including the Authoritys portion, may be more than is shown on the schedule.