Notes to SEFA
Title: NOTE 1- BASIS OF PRESENTATION
Accounting Policies: For the purposes of the SEFA, expenditures for federal award programs are recognized on the cash basis of accounting. Such expenditures 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 Authority did not elect to charge a de minimis rate of 10% for federal awards.
The accompanying schedule of expenditures of federal awards (the SEFA) summarizes the federal expenditures of Mobile Airport Authority ( the Authority) under programs of the federal government. The information in this schedule is prepared in accordance with the requirements of Title 2 U.S. Code of Federal Requirements Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). For the purposes of the SEFA, federal awards include all grants, contracts, and similar agreements entered into directly between the Authority and agencies and departments of the federal government and all sub-awards to the Authority by nonfederal organizations pursuant to federal grants, contracts, and similar grants.
Title: NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: For the purposes of the SEFA, expenditures for federal award programs are recognized on the cash basis of accounting. Such expenditures 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 Authority did not elect to charge a de minimis rate of 10% for federal awards.
For the purposes of the SEFA, expenditures for federal award programs are recognized on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
Title: NOTE 3- INDIRECT COST RATE
Accounting Policies: For the purposes of the SEFA, expenditures for federal award programs are recognized on the cash basis of accounting. Such expenditures 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 Authority did not elect to charge a de minimis rate of 10% for federal awards.
The Authority did not elect to charge a de minimis rate of 10% for federal awards.