Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: All Federal grant operations of the Authority are included in the scope of Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed
in accordance with the provisions of the OMB Compliance Supplement (the Compliance
Supplement). Compliance testing of all requirements, as described in the Compliance
Supplement, was performed for the grant program noted below. We have evaluated the
Federal financial assistance programs of the Authority for the year ended March 31, 2023,
and have selected major programs for testing. Our actual coverage was 100%. The major
programs tested is listed below.
Expenditures reported on the Schedule of expenditures of Federal awards are reported
following, as applicable, the cost principles contained in Title 2 U.S. Code of Federal
Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards, wherein certain types of expenditures are not allowable or
are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10-percent de
minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of Federal awards (the "Schedule") includes the
Federal award activity of the Authority under programs of the Federal government for the
year ended March 31, 2023. 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). Because the Schedule presents only a selected portion of the
operations of the Authority, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of the Authority.