Notes to SEFA
Accounting Policies: Note 1 - Basis of presentationThe accompanying Schedule of Expenditures of Federal Awards (SEFA) summarizes the federal expenditures of the Southwest Alabama Regional Airport Authority (Authority) under programs of the federal government for the year ended September 30, 2022. The amounts reported as federal expenditures were obtained from the Authoritys general ledger. Because the SEFA presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial positions, changes in net assets, and cash flows of the Authority.For purposes of the SEFA, federal awards include all grants, contracts, and similar agreements entered into directly with the federal government and other pass-through entities. The Authority has obtained Catalog of Federal Domestic Assistance (CFDA) numbers to ensure that all programs have been identified in the SEFA. CFDA numbers have been appropriately listed by applicable programs. Note 2 - Federal pass-through fundsThe Authority is the sub-recipient of federal funds that have been subjected to testing and are reported as expenditures and listed as federal pass-through funds.Note 3 Basis of accountingThe SEFA was prepared on the accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.