Notes to SEFA
Accounting Policies: Note A - Basis of Presentation
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 June 30, 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.
Note B – Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Office of Management and Budget 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: Y
Rate Explanation: The Authority has elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.