Title: Note 1 - General
Accounting Policies: The accounting policies and presentations of the accompanying schedule of expenditures of federal
awards of Quincy-Gadsden Airport Authority (the “Authority”) have been designed to conform with
generally accepted accounting principles applicable to governmental units. The information in this
schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations,
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal
Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect cost rate.
The accounting policies and presentations of the accompanying schedule of expenditures of federal
awards of Quincy-Gadsden Airport Authority (the “Authority”) have been designed to conform with
generally accepted accounting principles applicable to governmental units. The information in this
schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations,
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal
Awards (Uniform Guidance).
Title: Note 2 - Basis of Presentation
Accounting Policies: The accounting policies and presentations of the accompanying schedule of expenditures of federal
awards of Quincy-Gadsden Airport Authority (the “Authority”) have been designed to conform with
generally accepted accounting principles applicable to governmental units. The information in this
schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations,
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal
Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect cost rate.
The accompanying schedule of federal awards includes the federal award activity of the Authority and is
presented using the same basis of accounting as the fund in which the grant is recorded, generally the
accrual or modified accrual basis of accounting, as described in Note 1 to the Authority’s financial
statements.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: The accounting policies and presentations of the accompanying schedule of expenditures of federal
awards of Quincy-Gadsden Airport Authority (the “Authority”) have been designed to conform with
generally accepted accounting principles applicable to governmental units. The information in this
schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations,
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal
Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect cost rate.
The Authority elected not to use the 10% de minimis indirect cost rate.
Title: Note 4 - Contingencies
Accounting Policies: The accounting policies and presentations of the accompanying schedule of expenditures of federal
awards of Quincy-Gadsden Airport Authority (the “Authority”) have been designed to conform with
generally accepted accounting principles applicable to governmental units. The information in this
schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations,
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal
Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect cost rate.
Grant monies received and disbursed by the Authority are for specific purposes and are subject to review
by grantor agencies. Such audits may result in requests for reimbursements due to disallowance of
expenditures. Based upon prior experience, the Authority does not believe that such disallowances, if any,
would have a material effect on the financial position of the Authority.
Title: Note 5 - Subrecipents
Accounting Policies: The accounting policies and presentations of the accompanying schedule of expenditures of federal
awards of Quincy-Gadsden Airport Authority (the “Authority”) have been designed to conform with
generally accepted accounting principles applicable to governmental units. The information in this
schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations,
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal
Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect cost rate.
For the year ended September 30, 2023, the Authority did not pass any grant funding through to
subrecipients.