Notes to SEFA
Title: Scope of Audit Pursuant to the Uniform Guidance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. The Authority has not elected to use the10-percent de minimis indirect cost rate as allowed under the Uniform Guidance and did not claim anyindirect costs and has not claimed any indirect costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Albany County Airport Authority (Authority) is a body corporate and politic constituting a public benefitcorporation. The Schedule of Expenditures of Federal and New York State Department of TransportationFinancial Assistance (the Schedule) includes all of the federal award programs and the New York StateDepartment of Transportation matching grant award for the FAAs Airport Improvement Act (CFDA #20.106)administered by the Albany County Airport Authority, an entity defined in the financial statements.
Title: Basis of Accounting
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. The Authority has not elected to use the10-percent de minimis indirect cost rate as allowed under the Uniform Guidance and did not claim anyindirect costs and has not claimed any indirect costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule includes the federal award activity of the Authority under programs of thefederal government for the year ended December 31, 2022. The information in this Schedule is presentedin accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of the Authority, it isnot intended to and does not present the financial position, changes in net position, or cash flows of theAuthority.
Title: Federal Reimbursements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. The Authority has not elected to use the10-percent de minimis indirect cost rate as allowed under the Uniform Guidance and did not claim anyindirect costs and has not claimed any indirect costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal reimbursements are based upon specific expenditures. Therefore, the amounts reported hererepresent grant income earned rather than cash received. There were no funds provided to subrecipients.