Audit 22704

Title: NOTE 1-BASIS OF PRESENTATION Accounting Policies: EXPENDITURES REPORTED IN THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING 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, WHERIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS SHOWN ON THE SCHEDULE REPRESENTS ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. 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 (SCHEDULE) INCLUDES THE FEDERAL GRANT ACTIVITY OF THE TWEED-NEW HAVEN AIRPORT AUTHORITY (AUTHORITY) UNDER PROGRAMS OF FEDERAL GOVERNMENT FOR THE YEAR ENDED JUNE 30, 2022. THE INFORMATION IN THE SCHEDULE IS PRESENTED IN ACCORDANCE WITH REQUIREMENTS OF TITLE 2 U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FERERAL AWARDS (UNIFORM GUIDANCE).