Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: see Form page
De Minimis Rate Used: Y
Rate Explanation: auditee did use the de minimis cost rate
The accompanying schedule of expenditure of federal awards (the “Schedule”) includes the federal grant activity of the
Corporation under programs of the federal government for the year ended September 30, 2023. 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 for Federal Awards (Uniform Guidance). Because the Schedule 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.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: see Form page
De Minimis Rate Used: Y
Rate Explanation: auditee did use the de minimis cost rate
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in
the normal course of business to amounts reported as expenditures in prior year.
Title: NOTE C – INDIRECT COST RATE
Accounting Policies: see Form page
De Minimis Rate Used: Y
Rate Explanation: auditee did use the de minimis cost rate
The Authority is not reimbursed for indirect costs under any of its federal Awards and does not use the 10 percent de minimis
indirect cost rate allowed under the Uniform Guidance or any other indirect cost rate.