Notes to SEFA
Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (schedule) includes the federal awardactivity of the Metropolitan Airport Authority of Rock Island County, Illinois (Authority) under programs ofthe federal government for the year ended June 30, 2022. The information in this schedule is presentedin accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the schedule presents only a selected portion of the operations of the Authority, it isnot intended to and does not present the financial position, changes in net position or cash flows of theentity.Note 2. Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Expenditures offederal awards are recognized in the accounting period when the liability is incurred and has met theeligibility criteria of the federal award.Revenue from federal awards is recognized when the Authority has done everything necessary toestablish its right to the revenue. Revenue from federal awards is recognized when it is earned.Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.