Title: BASIS OF PRESENTATION
Accounting Policies: All Federal grant operations of the Airports Authority are included in the scope of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit or Uniform Guidance). The Single Audit was performed in accordance with the provisions of the Office of Management and Budget (OMB) Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, that are defined and documented, was performed for the major Federal grant programs identified below. The programs on the accompanying schedule of expenditures of Federal awards (the Schedule) include 2023 cash and non-cash expenditures. The major Federal programs tested in 2023 covered programs to ensure coverage of at least 20% of Federally granted funds. The Airports Authority’s actual coverage was 98%. Expenditures reported on the Schedule are recognized following the cost principles contained
in the Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Airports Authority has elected not to use the 10 percent de
minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule includes the Federal award activity of the Airports Authority
and is presented on the accrual basis of accounting.
The Schedule presents only a selected portion of the operations of the Airports Authority.
Consequently, it is not intended to and does not present the financial position, changes in net
assets or cash flows of the Airports Authority.
Title: RECONCILIATION OF SCHEDULE TO AUDITED FINANCIAL STATEMENTS
Accounting Policies: All Federal grant operations of the Airports Authority are included in the scope of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit or Uniform Guidance). The Single Audit was performed in accordance with the provisions of the Office of Management and Budget (OMB) Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, that are defined and documented, was performed for the major Federal grant programs identified below. The programs on the accompanying schedule of expenditures of Federal awards (the Schedule) include 2023 cash and non-cash expenditures. The major Federal programs tested in 2023 covered programs to ensure coverage of at least 20% of Federally granted funds. The Airports Authority’s actual coverage was 98%. Expenditures reported on the Schedule are recognized following the cost principles contained
in the Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Airports Authority has elected not to use the 10 percent de
minimis indirect cost rate allowed under the Uniform Guidance.
N/A
Title: CORONAVIRUS AID, RELIEF, ECONOMIC SECURITY ACT
Accounting Policies: All Federal grant operations of the Airports Authority are included in the scope of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit or Uniform Guidance). The Single Audit was performed in accordance with the provisions of the Office of Management and Budget (OMB) Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, that are defined and documented, was performed for the major Federal grant programs identified below. The programs on the accompanying schedule of expenditures of Federal awards (the Schedule) include 2023 cash and non-cash expenditures. The major Federal programs tested in 2023 covered programs to ensure coverage of at least 20% of Federally granted funds. The Airports Authority’s actual coverage was 98%. Expenditures reported on the Schedule are recognized following the cost principles contained
in the Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Airports Authority has elected not to use the 10 percent de
minimis indirect cost rate allowed under the Uniform Guidance.
The U.S. Federal government, the Federal Reserve Board and foreign governments have taken legislative and regulatory action and have implemented measures to mitigate the broad disruptive effects of the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), approved by the United States Congress and signed by the President of the United States on March 27, 2020, included among its relief measures direct aid in the form of grants for airports as well as direct aid, loans and loan guarantees for passenger and cargo airlines. The Airports Authority was allocated approximately $18 million of grant assistance under the CARES Act for the fiscal year ended December 31, 2023. The Airports Authority could draw on these funds on a reimbursement basis for any purpose for which Airports Authority revenues may be lawfully used in accordance with Federal Aviation Administration rules and regulations.
Title: 6. BIPARTISA INFRASTRUCTURE LAW (BIL) INCLUDING AIRPORT IMPROVEMENT (AIG) AND AIRPORT TERMINAL PROJECT (ATP) GRANTS
Accounting Policies: All Federal grant operations of the Airports Authority are included in the scope of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit or Uniform Guidance). The Single Audit was performed in accordance with the provisions of the Office of Management and Budget (OMB) Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, that are defined and documented, was performed for the major Federal grant programs identified below. The programs on the accompanying schedule of expenditures of Federal awards (the Schedule) include 2023 cash and non-cash expenditures. The major Federal programs tested in 2023 covered programs to ensure coverage of at least 20% of Federally granted funds. The Airports Authority’s actual coverage was 98%. Expenditures reported on the Schedule are recognized following the cost principles contained
in the Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Airports Authority has elected not to use the 10 percent de
minimis indirect cost rate allowed under the Uniform Guidance.
The Department of Transportation (DOT) and Federal Aviation Administration (FAA) have announced funds for Airport Improvement Grants (AIG) and Airport terminal Project (ATP) grants through the Bipartisan Infrastructure Law (BIL). This funding is a 5-year, $25 billion investment in the nation’s air transportation system.
For ATP discretionary funding, the Authority will receive $105.6 million in grant funds for the Tier 2 Concourse (East) 14-gate project at Dulles International Airport (IAD). This project will serve aircraft via loading bridges rather than existing ground loading and increase hold room size. Also, as part of the Airport Improvement Grants (AIG) grants, $66.7 million and $67.7 million have been allocated to Reagan National and Dulles International, respectively. These grants can be invested in runways, taxiways, safety, and sustainability projects, as well as terminal, airport-transit connections, and roadway projects.