Notes to SEFA
Accounting Policies: Note 1 - Summary of Significant Accounting PoliciesThe purpose of the Schedule of Expenditures of Federal Awards is to present a summary of the activities of the federal award programs of the Authority during the fiscal year. Because the schedule presents only a portion of the activities of the Authority, it is not intended to and does not present either the financial position or changes in net assets of the Authority. This schedule of expenditures of federal awards was prepared using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when they are earned and expenses are recognized when the related liabilities are incurred. Expenditure driven grants are considered earned when the qualifying expenses have been incurred and all other grant requirements have been met. The Authority did not use the 10% de minimis cost rate.Note 2 - Basis of Presentation The schedule of expenditures of federal awards summarizes the expenditures of the Authority under programs of the federal government for the year ended September 30, 2022. For purposes of the schedule of expenditures of federal awards, federal awards include all grants, contracts, and similar agreements entered into directly between the Authority and agencies and departments of the federal government, and all sub-awards to the Authority by nonfederal organizations pursuant to federal grants, contracts and similar agreements. Federal awards are classified into Major and Nonmajor programs in accordance with the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.