Notes to SEFA
Title: Note 1—Basis of presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Reporting Entity – The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the “Schedule”) includes the federal and state award activity of the St. Johns County Airport Authority (the “Authority”) for the year ended September 30, 2023 in accordance with the Uniform Guidance. Since the Schedule presents only a select portion of the operations of the Authority, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of the Authority.