Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual or modified accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenidures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards include the federal grant activity of the Birmingham Airport Authority (the Authority) and is presented on the accrual basis of accounting. 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 (Uniform Guidance). The Schedule presents only selected portions of the operations of the Authority. The Schedule is not intended to and does not present the financial position, changes in financial position or cash flows of the Authority.