Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (SEFSA) includes the federal and State grant activity of the Carteret County-Beaufort Airport Authority under the programs of the federal government and the State of North Carolina for the year ended June 30, 2023. The information in this SEFSA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of the Carteret County-Beaufort Airport Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Carteret County-Beaufort Airport Authority. Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For the year ended June 30, 2023 the Carteret County-Beaufort Airport Authority did not have any loan or loan guarantee programs required to be reported on the SEFSA for the year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: There were no indirect costs assigned to the grant awards.