Notes to SEFA
Title: Method of Accounting
Accounting Policies: The schedule of expenditures of federal awards has been prepared on an accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance and
also presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR)
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards for all new federal awards received on or after December 26, 2014, and for funding increments
(additional funding on existing awards) with modified terms and conditions that are awarded on or after
that date. Because the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use a de minimis indirect cost rate as allowed under the Uniform
Guidance.
The schedule of expenditures of federal awards has been prepared on an accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance and
also presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR)
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards for all new federal awards received on or after December 26, 2014, and for funding increments
(additional funding on existing awards) with modified terms and conditions that are awarded on or after
that date. Because the schedule of expenditures of federal awards 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.