Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards presents the activity of all federal awards programs of the Authority and is presented in accordance with the requirements of Title 2 U.S. code of Federal Regulations Part 200 (2 CFR 200) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). The Authority's reporting entity is defined in note 1 to the Authority 's basic financial statements. All federal awards received directly from federal agencies as well as federal awards passed through other government agencies,are included on the schedule. Because the Schedule presents only a selected portion of the operations of the Authority, it not intended to and does not present the financial position, changes in net position, or cash flows of the Authority. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports except for changes made to reflect amounts in accordance with generally accepted accounting principles.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.