Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting. The determination of when an award is expended is based on when the activity related to the award occurred. Type A programs are defined as federal programs with federal expenditures exceeding $750,000. The threshold of $750,000 was used in distinguishing between Type A and Type B programs. The risk-based approach was used in the selection of federal programs to be tested as major programs. The Authority did not qualify as a low-risk auditee for the fiscal year ended June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.