Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.
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 federal grant activity of SteelValley Authority (the Authority) and is presented on the accrual basis of accounting. The information inthis schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (the Uniform Guidance). Because the schedule presents only a selected portion of theoperations of the Authority, it is not intended to, and does not, present the financial position, changes innet assets, or cash flows of the Authority.
Title: Note 4 - Subrecipients
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in the schedule, the Authority did not provide federal awards to asub-recipient.
Title: Note 5 - Budgetary Data
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority passed, and had approved by the appropriate agency, budgets for the year endedDecember 31, 2022.
Title: Note 6 - Contingency
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The grant revenue amounts received and expensed are subjected to audit and adjustments. If anyexpenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to thegrantor would become a liability of the Authority. In the opinion of management, all grant expenditures arein compliance with the terms of the agreements and applicable federal, state, and local laws andregulations.