Notes to SEFA
Title: Note 1 - General
Accounting Policies: The accompanying schedule of expenditures of federal and state awards is presented using the modified accrual basis of accounting, which is its budgetary basis of accounting. Under the modified accrual basis, expenditures include capital outlay and principal payments on long-term debt. Expenditures are reported on the schedule only at such time as there is an approved award and as activity occurs that obligates the Authority to make a payment, not when the award has been received. As a result, certain federal or state expenditures are reported as reimbursements of local expenditures that have been recorded in a prior year. In addition, certain expenditures reported in the current year reflect a reclassification of expenditures made in a prior year. There were no local funds expended in 2023 prior to approval of the project that were reported as expenditures in the 2023 schedule.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards reports the activity of all federal and state financial award programs of New Hanover County Airport Authority (“Authority”) for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, and the State Single Audit Implementation Act. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the financial statements.
Title: Note 3 - Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal and state awards is presented using the modified accrual basis of accounting, which is its budgetary basis of accounting. Under the modified accrual basis, expenditures include capital outlay and principal payments on long-term debt. Expenditures are reported on the schedule only at such time as there is an approved award and as activity occurs that obligates the Authority to make a payment, not when the award has been received. As a result, certain federal or state expenditures are reported as reimbursements of local expenditures that have been recorded in a prior year. In addition, certain expenditures reported in the current year reflect a reclassification of expenditures made in a prior year. There were no local funds expended in 2023 prior to approval of the project that were reported as expenditures in the 2023 schedule.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Authority has not contracted or made awards to any subrecipients.