Notes to SEFA
Title: Prior Year Expenditures
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Subpart F of Title 2 U.S CFR Part 200,Uniform Administrative Requirements, Cost Principles, and Audit requirements for Federal Awards; and the U.S.Office of Management and Budget (OMB) Compliance Supplement wherein certain types of expenditures are notallowable or are limited as to reimbursement. The Authority has elected not to use the 10-percent de minimisindirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Where allowed by grant agreement, prior year expenditures that have not been previously tested may be includedin the schedule of expenditures of federal awards at March 31, 2022. Generally this occurs when grants areawarded after the related project or program has started incurring expenses and retroactive reimbursement isallowed per the funding agreement or when corrections are made due to previous years omissions.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Subpart F of Title 2 U.S CFR Part 200,Uniform Administrative Requirements, Cost Principles, and Audit requirements for Federal Awards; and the U.S.Office of Management and Budget (OMB) Compliance Supplement wherein certain types of expenditures are notallowable or are limited as to reimbursement. The Authority has elected not to use the 10-percent de minimisindirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal andstate grant activity of the Authority under programs of the federal government and the State of North Carolinafor the year ended March 31, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Becausethe Schedule presents only a selected portion of the operations of the Authority, it is not intended to and doesnot present the financial position, changes in net position or cash flows of the Authority.