Notes to SEFA
Title: Scope of Audit pursuant to the Uniform Guidance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement. The Authority has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Financial Assistance (the Schedule) includes all of the federal award programs for the FAA's Airport Improvement Act (Assistance Listing #20.106) and the Department of Defense National Guard Military Construction Projects (12.400).
Title: Basis of Accounting
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement. The Authority has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule includes the federal award activity of the Authoirty under programs of the federal government for the year ended September 30, 2023. The information in the 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 represents 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 position, or cash flows of the Authority.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement. The Authority has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement. The Authority has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: Federal Reimbursements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement. The Authority has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Federal reimbursements are based on specific expenditures. Therefore, the amounts reported here represent grant income earned rather than cash received. There were no funds provided to subrecipients.