Audit 21211

Title: Note 3 - Program Costs Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Spokane Airport Board (the Airport) under programs of the federal government for the year ended December 31, 2022. The Schedule is prepared on the same basis of accounting as the Airports financial statements. The Airport uses accrual basis accounting. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The amounts shown as current year expenditures represent only the federal portion of the program costs. Entire program costs, including the Airport's portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Because the Schedule presents only a selected portion of the operations of the Airport, it is not intended to and does not present the financial net position, statement of revenues, expenses, and changes in net position, or cash flows of the Airport.