Notes to SEFA
Accounting Policies: NOTE 1 - ENTITY Maryland Aviation Administration is a state agency of Maryland and an airport authority under the jurisdiction of the Maryland Department of Transportation. The agency owns and operates Baltimore/Washington International Thurgood Marshall Airport and Martin State Airport. MAA receives federal funding from the US. Department of Transportation to support its Airport Improvement Program.NOTE 2 - BASIS OF PRESENTATIONThe Schedule of Expenditures of Federal Awards includes the federal award activity of Maryland Aviation Administration under programs of the federal government for the year ended June 30, 2020. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Maryland Aviation Administration, it is not intended to and does not present the financial position, changes in retained earnings, or cash flows of Maryland Aviation Administration. NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified cash basis of accounting. Expenditures are recognized when paid and revenues are recognized when received. The schedule does not include transactions that might be included using the accrual basis of accounting as contemplated by generally accepted accounting principles. 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.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.