Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the expenditures of all federal awards programs of the Authority using the accrual basis of accounting. Under the accrual basis, revenues are recorded when earned and expenditures are recorded when incurred.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the expenditures of all federal awards programs of the Authority using the accrual basis of accounting. Under the accrual basis, revenues are recorded when earned and expenditures are recorded when incurred.
Title: Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the expenditures of all federal awards programs of the Authority using the accrual basis of accounting. Under the accrual basis, revenues are recorded when earned and expenditures are recorded when incurred.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the Authority’s basic financial statements.
Title: Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the expenditures of all federal awards programs of the Authority using the accrual basis of accounting. Under the accrual basis, revenues are recorded when earned and expenditures are recorded when incurred.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Authority has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.