Title: Scope of Presentation
Accounting Policies: Please see the FY2022 Financial Statements, Note 1(D), on pages 21 through 26. In addition to those listed in Note 1(D) of the financial statements, the District has the following policy whih applies to Federal Grant Awards; Note 1(D)6 - Federal Capital and Operating Grants - When a grant agreement is approved and eligible expenditure are incurred, the amount is recorded as a federal capital or operating grant receivable on the the Statement of Net Position and as a Capital Grant Contribution or Operating Grant Revenue, as appropriate, on the Statement of Revenues, Expenses, and Changes in Net Position.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the expenditures incurred by the Santa Maria Public Airport District (District) that are reimbursable under programs of federal agencies providing federal awards. For the purpose of this schedule, federal awards include both federal financial assistance received directly from a federal agency, as well as federal funds received indirectly by the District from a nonfederal agency or other organization. Only the portion of program expenditures reimbursable with such federal funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal reimbursement authorized or the portion of the program expenditures that was funded with other state, local, or other nonfederal funds are excluded from the accompanying schedule.
Title: Basis of Accounting
Accounting Policies: Please see the FY2022 Financial Statements, Note 1(D), on pages 21 through 26. In addition to those listed in Note 1(D) of the financial statements, the District has the following policy whih applies to Federal Grant Awards; Note 1(D)6 - Federal Capital and Operating Grants - When a grant agreement is approved and eligible expenditure are incurred, the amount is recorded as a federal capital or operating grant receivable on the the Statement of Net Position and as a Capital Grant Contribution or Operating Grant Revenue, as appropriate, on the Statement of Revenues, Expenses, and Changes in Net Position.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the District and is presented on the accrual basis of accounting, which is described in Note 1 of the District’s notes to the basic financial statements. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations.
Title: Relationship to Annual Comprehensive Financial Report
Accounting Policies: Please see the FY2022 Financial Statements, Note 1(D), on pages 21 through 26. In addition to those listed in Note 1(D) of the financial statements, the District has the following policy whih applies to Federal Grant Awards; Note 1(D)6 - Federal Capital and Operating Grants - When a grant agreement is approved and eligible expenditure are incurred, the amount is recorded as a federal capital or operating grant receivable on the the Statement of Net Position and as a Capital Grant Contribution or Operating Grant Revenue, as appropriate, on the Statement of Revenues, Expenses, and Changes in Net Position.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree to amounts reported within the District’s Annual Comprehensive Financial Report.
Title: Relationship to Federal Financial Report
Accounting Policies: Please see the FY2022 Financial Statements, Note 1(D), on pages 21 through 26. In addition to those listed in Note 1(D) of the financial statements, the District has the following policy whih applies to Federal Grant Awards; Note 1(D)6 - Federal Capital and Operating Grants - When a grant agreement is approved and eligible expenditure are incurred, the amount is recorded as a federal capital or operating grant receivable on the the Statement of Net Position and as a Capital Grant Contribution or Operating Grant Revenue, as appropriate, on the Statement of Revenues, Expenses, and Changes in Net Position.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts reported within federal financial reports.
Title: Contingencies
Accounting Policies: Please see the FY2022 Financial Statements, Note 1(D), on pages 21 through 26. In addition to those listed in Note 1(D) of the financial statements, the District has the following policy whih applies to Federal Grant Awards; Note 1(D)6 - Federal Capital and Operating Grants - When a grant agreement is approved and eligible expenditure are incurred, the amount is recorded as a federal capital or operating grant receivable on the the Statement of Net Position and as a Capital Grant Contribution or Operating Grant Revenue, as appropriate, on the Statement of Revenues, Expenses, and Changes in Net Position.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
Under the terms of federal grants, additional audits may be requested by grantor agencies and certain costs may be questioned as not being appropriate expenditures under terms of the grants. Such audits could lead to a request for reimbursement to grantor agencies.
Title: Indirect Cost Rate
Accounting Policies: Please see the FY2022 Financial Statements, Note 1(D), on pages 21 through 26. In addition to those listed in Note 1(D) of the financial statements, the District has the following policy whih applies to Federal Grant Awards; Note 1(D)6 - Federal Capital and Operating Grants - When a grant agreement is approved and eligible expenditure are incurred, the amount is recorded as a federal capital or operating grant receivable on the the Statement of Net Position and as a Capital Grant Contribution or Operating Grant Revenue, as appropriate, on the Statement of Revenues, Expenses, and Changes in Net Position.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
The District has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.