Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordance with accounting principles generally accepted in the United States of America as promulgated by the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the Authority’s federal awards programs prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability has been incurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
There were no subrecipients for the fiscal year ending December 31, 2023.
Title: OTHER INFORMATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordance with accounting principles generally accepted in the United States of America as promulgated by the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the Authority’s federal awards programs prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability has been incurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
The Authority did not receive any federal insurance or free rent and had no federal loans or loan guarantees outstanding with continuing compliance requirements during the year ended December 31, 2023. The Authority did receive $805,512 in noncash assistance during the year ended December 31, 2023 and these amounts are included as federal awards on the current year Schedule of Expenditures of Federal Awards.